‘Something has to happen’

Three months into the Great Mortgage Deferral and just 90 days to go now before… the cliff. On a call with analysts last week CMHC’s head economics guys had this warning: “Something has to happen to avoid having these deferrals escalate into foreclosure.”

Whoa. This is a seriously meaningful statement, coming from the federal housing agency. If even a small slice of the can’t-pay-won’t-pay people end up walking away from their houses, we have a major property plop on our hands.

Here’s the latest: the banks together have allowed forbearance on $180 billion worth of mortgages and HELOCs. CIBC, for example, deferred payments on $36 billion in loans (16% of its portfolio) and RBC has waived the monthly on $47 billion in residential mortgages (18% of its total). That’s not all. The banks are also allowing payment holidays on credit card balances and loans, bringing the aggregate to $300 billion in debt not now being serviced by households and borrowers.

At this moment about three-quarters of a million families aren’t paying, representing 15% of all home loans. This is expected to reach 20% by September. And in October, the deferrals end. Or can they?

Let’s be realistic. Unemployment of 13-17% now (depending on methodology) will not be 5-7% in 90 days. It could actually increase. So if households needed mortgage deferrals to stave off insolvency in May, what will have changed in November? Is this massive problem of over-borrowing, uber-leveraging and house-horny over-buying not just being kicked down the road? Is this why the Big Five banks just set aside $11 billion to cover bad loans in the coming months? Is that even enough?

Remember it took only 8% of American homeowners to run into financing problems in 2005-6 to crash US average real estate values by 32% and plunge the world into a credit crisis. Canada’s too middling a place to cause any global issues, but a wave of foreclosures or a surge in listings by people in financial distress would be more than enough to tip markets. Bottom line: now could be a horrible time to buy. A good time to sell.

There’s more.

Rents are falling and amateur landlords are in a vice. Since the virus came to town, rental rates in the big cities like Toronto have steadily snaked lower. Last year an estimated 40% of condo owners with tenants were in negative cash flow, but anticipating capital gains on their units. No more.

Now condos are rapidly falling out of favour (germy elevators, yucky garbage rooms, suspect common areas), while lease rates are fading (2.7% so far). Losses-per-month are piling up for all those thousands of people (12% of Toronto homeowners also have rental units) who bought concrete sky boxes, usually with big leverage against their houses.

Yup. More listings coming as many of these sad, deceived and delusional people exit an asset class whose time has passed.

Says Toronto housing analyst Ben Myers: “This pandemic could have a real impact on the supply of new housing in the GTA in the long term, as missed payments by tenants and lower rents could have many investors rethinking future pre-construction condo purchase.”

Real estate can go down. Pandemics happen. Tenants can be schmucks. Who knew?

There’s more.

Mortgage investment corporations (MICs) are blowing up. You know the ones – those investment vehicles which sucked in GIC refugees with 8-10% annual returns ‘guaranteed’ because they held ‘secure mortgages on residential properties.’

This blog has warned for years that anyone investing in baskets of mortgages rejected by the banks were fools. The MICs typically hold garbage loans made at high rates to people you’d avoid in a gas station restroom. Yes, that’s an awful and elitist thing to say, but when it comes to retirement assets (most MIC investors are older and looking for yield) these are not the folks you want to finance.

The virus is crashing real estate values which has resulted in many MICs halting redemptions and may result in insolvency. Losses could be substantial enough to entirely wipe away years of income – or worse. Yup, additional properties coming to market.

There’s more.

Did you catch CBC’s big expose  this week on a bank ripping off some hapless (single mom) homeowner with a giant mortgage pay-out penalty? About a year-and-a-half into a 5-year home loan the lady wanted out, so the bank calculated an IRD of $30,000. (The penalty is standard at three months interest or the difference between existing rates and the loan rate on the principal owing over the time remaining – whichever is greater.)

The back story: she’s a realtor. The 905 house was financed based on two tenants living there plus an Airbnb suite. So when her income dried up, the renters left and no tourists arrived, she was facing financial ruin living in a giant house with $600,000 in financing. She listed and sold. And the bank wanted its due. Now the realtor (and the CBC) cry for the government to interve

There will be more forced sales in the months ahead. More households in distress after pushing their problems into the future. More listings. More condos vacated. More defaults and foreclosures. More sob stories. More calls for bail-outs, hand-outs, deferrals, extensions, reprieves and forgiveness as the sins, greed, avarice, speculation and property lust of the last few years find their inevitable harvest.

This has only begun.

 

301 comments ↓

#1 Ponzius Pilatus on 06.01.20 at 12:40 pm

The virus is actually turning many households into savers.
No expensive holidays, fewer meals outside, fewer haircuts, not need for three cars, no expensive Canucks tickets, cheaper rents etc.
The average household probably does not need any Guberment handouts (except Sailo and IHTC), so they should be eliminated or reduced.
The future looks bright, Debbie downers.

#2 Ace Goodheart on 06.01.20 at 12:48 pm

Re: “If even a small slice of the can’t-pay-won’t-pay people end up walking away from their houses”

Not possible in Ontario. This Province is not conductive to “jingle mail”.

Walking away from a house with no equity in it, in our sunny Province results in about 40K in legal fees (yes, the bank will sue you and yes, they will win. The cases are predictable and the awards are pretty much standard).

#3 Jerome The Printing Press Powell on 06.01.20 at 12:52 pm

Yes, yes, yes but the markets will rally because homeless people will have more disposable income for Netflix and Skip the Dishes.

How does another trillion sound?

You’re welcome.

#4 Bruce on 06.01.20 at 12:53 pm

Rarely post, always read. If banks lend fixed, to be prudent they need to borrow fixed somewhere in their capital stack, or their regulators get upset. IRD and Yield Maintenance may be hated by borrowers, but it is a real economic cost born by banks. Borrowers would equally moan about having to pay upfront costs of swaptions, which would permit an exit. Paying fixed hedges the rates rising scenario. Its’ not an option, but a commitment to pay fixed for 5. Borrowing fixed isn’t free for anyone, early termination costs both parties. Ask your quants what it costs to break a 5 year pay fixed, receive floating swap with an FI when rates have dropped. Be sure you have priced the exit fairly before claiming its a rip off, maths will reveal the of truth economic break costs. Banks have their ethical issues, this isn’t one of them. Courts have upheld yield maintenance in every jurisdiction, implying it is a cost and not usury or penalty.

#5 Ponzius Pilatus on 06.01.20 at 12:54 pm

For those who actually care what (who) Antifa is, below is a piece by the BBC.
Antifa started out in Europe in the 1920’s and 30’s demonstrating against fascism and dictatorships.
Which, I believe, are noble undertakings.
https://www.bbc.co.uk/programmes/articles/X56rQkDgd0qqB7R68t6t7C/seven-things-you-need-to-know-about-antifa

#6 Ponzius Pilatus on 06.01.20 at 12:58 pm

#2 Ace Goodheart on 06.01.20 at 12:48 pm
Re: “If even a small slice of the can’t-pay-won’t-pay people end up walking away from their houses”

Not possible in Ontario. This Province is not conductive to “jingle mail”.

Walking away from a house with no equity in it, in our sunny Province results in about 40K in legal fees (yes, the bank will sue you and yes, they will win. The cases are predictable and the awards are pretty much standard).
————–
The Bank won’t bother suing.
No judge will side with the big fat banks.
Particulary, in these times.

#7 TN on 06.01.20 at 1:00 pm

You have been writing for a long time.
Finally the real estate crash is here.
As you always wrote people never realize about reality
Thanks for your continued effort to educate the public
Keep it up

#8 Lake Lover on 06.01.20 at 1:05 pm

I am certainly not trying to be any type of hero, but after resisting the temptation to leverage like mad during the good times, my family are now capable of looking after ourselves for the foreseeable future. We do not need a bailout or a deferral or a loan – we planned for a rainy day and now we have one. So when I hear people upset because the contract they signed for a mortgage in order to overspend on a house or condo has come back to bite them, or the non-refundable ticket they bought is not being refunded by the airline, or they have lived in some southern climate for a long period of time and now they want help from the government to get back to Canada, my first thought is: why should I be paying for them? They had the same chances I did to say no – get a different type of mortgage, or pay a bit more for a refundable ticket, or whatever and they chose not to. Quite frankly, it is not up to me to pay their way. Responsibility for your own actions seems to be a long lost trait in Canada today. This pandemic and the resulting changes are vicious and many people really do need help because of situations that are no fault of their own. However for those who made bad decisions knowing the risks (even if they denied them at the time) you are on your own!

#9 Ponzius Pilatus on 06.01.20 at 1:10 pm

My partner, many of our friends, are working fewer hours due to the virus.
Most of them love it.
Raising your own kids, what a concept.
This could become the new normal.

#10 Buy? Curious? on 06.01.20 at 1:12 pm

Garth, you handsome, economic prognosticator, why are sounding so fearful? This is going to be awesome! I know this is going to be a tough time for your core demographics but NOW it’s time for an even playing field! Woohoo! Let’s see how people fare when…well, I don’t want to scare anyone more then they are now, but you know what’s coming this Christmas!

#11 BrianT on 06.01.20 at 1:16 pm

#5Ponzius-even the sheep are aware at this point that the BBC is even more dishonest than the CBC-which is quite an achievement. How stupid do you have to be to think that looting stores is a blow against fascism?

#12 Ignorance Is Bliss on 06.01.20 at 1:17 pm

Wow…just wow.
A realtor so clueless she had no idea of the penalties involved in breaking a fixed-term mortgage? If she wasn’t already out of business, she certainly will be now.

And also, always go with variable rate. Three months’ interest penalty is much easier to swallow.

#13 RyYYZ on 06.01.20 at 1:19 pm

Maybe I’ve just absorbed the pessimism here, but I’m really starting to think Canada is done. We have a government, and seemingly a significant proportion of the population, which has become completely disconnected from reality. Top priorities are SJW wokeness and AGW virtue-signalling. COVID crisis handling has been inept. Economy in the toilet and no sign that the government is even aware of this fact, nevermind dealing with it.

Time to head for exits, if you can. Me, I’m just an average Canadian wage slave with no real way to shelter my meager earnings or retirement savings from a rapacious government focused on ensuring that noone ever has to suffer the consequences of their own poor decisions (at the corporate level, too).

Over-valued real estate used to be the biggest issue in this country , but now I feel it is just a side issue.

#14 Steven Rowlandson on 06.01.20 at 1:21 pm

Rents and prices still are genocidally extreme to the upside just as wages are to the downside.
There has been no change for the better yet. That which will not bend will either prevail or break.

#15 Ponzius Pilatus on 06.01.20 at 1:22 pm

#8 Lake lover
Great post.
Never understand why people don’t buy cancelation insurance. IHTC, still stuck with your tickets?

#16 Typing Moistly on 06.01.20 at 1:34 pm

Unbelievable how people want bailouts for making poor financial decisions. Yet the Feds are handing out money like it was toilet paper. No wonder everyone wants something for nothing.

I guess I am too old for the 2020’s

#17 Millennial905er on 06.01.20 at 1:40 pm

Not sure why I bother posting when half of my comments get deleted but I’m not posting anything political this time, for eg. my love for Trump, or the fact that these blm protests are bogus, so maybe I’ll have better luck…

It’s amazing to see the realtors and the mortgage peddlers as they try to assure everyone that the ship is staying afloat. My husband and I have a very stable combined high income and would have never taken the risk like the woman in the CBC article. It seems like, just like there are protected classes of people who can protest, (anti lockdown protesters are slandered as yahoos, others …. ?!?) there are also protected segments of GDP (real estate gets headlines for gvt financial support, but not Oil and gas)

Ask yourselves, what are the common elements between who gets reprieve and who doesn’t. Elon Musk is aware and awake, you can be too.

#18 Wrk.dover on 06.01.20 at 1:44 pm

Tail biting dawgs.

A passage in John Z. I Got The Coke For You DeLorean’s book, said GM is so big it is like a dragon and no matter how hard you bite it’s tail, it takes a long long time for it to turn it’s head in reaction.

Kinda like the damage from printing 1/3 Trillion CDN$ at whim, following a decade of ZIRP.

#19 Felix on 06.01.20 at 1:45 pm

What a dogawful image of canines cannibalizing each other, just like the Canadian real estate market has done to the broader economy.

Good news for property owners who default – you can just leave your pooches in the garage when you send in your jingle mail!

All problems solved!

You’re welcome.

MEOW

#20 not 1st on 06.01.20 at 1:53 pm

NP: Look out professionals, entrepreneurs, small business owners and retirees, tax hikes are coming

https://business.financialpost.com/investing/look-out-professionals-entrepreneurs-small-business-owners-and-retirees-tax-hikes-are-coming

#21 R on 06.01.20 at 2:09 pm

Why is it when a real estate “investor” loses money, they feel they are entitled to whine, moan ,natter , complain and expect the govt. to bail them out? When an equity investor loses money, crickets. You bet, you lost, cowboy up.

#22 Leftover on 06.01.20 at 2:11 pm

Banks don’t love foreclosures so don’t hold your breath.

They don’t mind work-outs however, and more of those could be on the horizon. Think interest-only payments until a property is sold for example, not “bank ordered” but bank “suggested”. It makes a perception difference when the listing hits the market, but it still hits the market.

Yes, more properties for sale in the coming months. Keep your powder dry.

#23 Dolce Vita on 06.01.20 at 2:12 pm

1982.

All.over.again.sans.pandemic.

History a good teacher, few pupils.

————————–

If it’s any consolation, once Canada gets out from under the lockdown yolk and fully reopens its economy it WILL GET BETTER.

For example, today in Italia vacation bookings up 20% from last months Armageddon predictions of empty hotels and beaches.

Yes, I understand Canada not where Italia is now but it will be (6/21 Regions = 0 cases, 16/21 Regions ≤ 4 cases, 178 new cases and 60 deaths in total today). Even Mary Mallon Lombardy had 50 new cases today, 1/4 of what they had just a few days ago.

SO, there is one certainty in this pandemic and that is:

Things change in a matter of days.

Have faith in that Canada and yourselves.

#24 The West on 06.01.20 at 2:14 pm

“There will be no bail-ins.”

Are you sure about that? As my comment to your last blog – our entire ponzi scheme of social welfare, pensions, and any other crazy unfunded liability Canada’s socialist establishment can dream up to keep hard working people bearing the brunt of lazy, entitled boomers and millenials.

I’m guessing to save the assets of the rich, tax payer money is going to be used – yep, lots of it. Where does this $300,000,000,000 (I wrote the zeroes out to make it clear) actually come from? You think the banking establishment are going to eat that? Main street has been destitute since 2008 yet, Bay Street is running back up to new record highs.

All those people who lived irresponsibly are going to get bailouts on those who have saved responsibly. There is no economy left – there is only a heavy handed bureaucracy left.

Maybe I’m missing something? Please feel free to enlighten me. Your blog is excellent, you understand something that I am ignorant to…

#25 Darko J on 06.01.20 at 2:14 pm

Some further analysis of potential impacts in GTA:
https://www.ryerson.ca/content/dam/cur/pdfs/CUR_GTA_Housing_Market_Pulse_June_1_2020.pdf
“The anticipated hit to household income from the pandemic are likely to continue to weigh on housing demand through 2020 and 2021. However, government stimulus measures will help avoid extreme financial stress in the housing market. “

#26 Noid_09 on 06.01.20 at 2:19 pm

Great post..it’s hard to hold much sympathy for these people who don’t bother to understand or care about the terms of the mortgage contract they sign with the bank until after the fact(especially for the realtor being referenced). Then when the proverbial stuff hits the fan they want the government to save them from their over-extended financial position they brought upon themselves. Unfortunately as the gov’t continues with the bailouts we will all eventually end up paying as a result of this financial ineptitude.

#27 Dolce Vita on 06.01.20 at 2:20 pm

“Real estate can go down. Pandemics happen. Tenants can be schmucks. Who knew?”

THAT was good, right up there with “gone, gone”.

—————————-

Much to my surprise, “pandemics happen” more frequently than I thought that’s for sure:

https://www.livescience.com/worst-epidemics-and-pandemics-in-history.html

Off to YouTube now to find what happened after economically and otherwise (you know, history a good teacher…).

#28 T on 06.01.20 at 2:21 pm

#17 Millennial905er on 06.01.20 at 1:40 pm

And there we have it folks.

The ‘woke’ Trump supporting, human right denying, very stable high income millennial genius.

Keep on with that privilege, Karen. It looks good on you.

#29 Ken on 06.01.20 at 2:27 pm

Poor realtor…. doesn’t want to suffer the consequences of a contract…. I’m sure she gave lots of breaks on commission and rentals and representation agreementS

She looks like she can pay the rent other ways….

https://www.cbc.ca/news/business/mortgage-penalty-pandemic-1.5588741

#30 Dolce Vita on 06.01.20 at 2:31 pm

By the way ONTARIO you have someone that is tracking your Rt overall, regionally and it’s not as bad as you may think, encouraging I would say…judge for yourselves:

https://twitter.com/imgrund/status/1267448871095078912

Wait a couple of weeks and if the Rt’s hold in some regions, for sure they ought to begin opening to full economy:

Niagara
Ottawa
Waterloo

Actually, anything under 0.7 should be reopening.

Rt’s handy for that.

Most of Europe using that as the prime metric to reopen.

Lost on Cdn. Health Officers, Ministers of Health including Hapless Hajdu in Gov Canada and shame on them all for not educating Canadians about what Rt is and how it is better than hundred of their charts and the BS that they spew out daily.

#31 not 1st on 06.01.20 at 2:34 pm

#28 T on 06.01.20 at 2:21 pm

So looting Gucci and torching police stations is a human right? Hmmm. Thanks for clearing that up.

#32 Sail Away on 06.01.20 at 2:39 pm

#28 T on 06.01.20 at 2:21 pm
#17 Millennial905er on 06.01.20 at 1:40 pm

And there we have it folks.

The ‘woke’ Trump supporting, human right denying, very stable high income millennial genius.

Keep on with that privilege, Karen. It looks good on you.

—————

Nothing about privilege, T. It’s all about the person.

M905er seems to have made good decisions which have turned out well.

Best be tactful. Maybe you’ll be asking her for a job.

#33 Ed McNeil on 06.01.20 at 2:40 pm

Never make the mistake of thinking bankers are kind and compassionate. That is not the business they are in. If you have financial issues with a bank, or government department, you will lose. They have very deep pockets and large legal staffs that few others could afford. The plain fact is you cannot stiff the bank or government.

#34 Ejy on 06.01.20 at 2:47 pm

Time to write your MP, PM etc. and advocate for letting the RE market settle naturally vs interfere. Why not–the RE industry has millions for advocacy and outs the pressure on the gov.

#35 Lambchop on 06.01.20 at 2:48 pm

Who doesn’t read a contract before signing it anyway? If you sign a mortgage blindly, I don’t know why anyone should have sympathy.

Once you agree to the terms, no takebacks. If you can’t stomach the terms, maybe don’t get a mortgage.
Buy that property with cash. Better start saving!!!!!

Banks aren’t nice guys and they aren’t charities.

#36 Mean Gene on 06.01.20 at 2:49 pm

The Covid wind is blowing down the house of cards built on a foundation of nonsense.

#37 jess on 06.01.20 at 2:55 pm

how many cosigners on those titles

====================
Information asymmetry
From Wikipedia,
In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other. This asymmetry creates an imbalance of power in transactions, which can sometimes cause the transactions to go awry, a kind of market failure in the worst case. Examples of this problem are adverse selection,[1] moral hazard, and monopolies of knowledge.[2]

Information asymmetry extends to non-economic behavior. As private firms have better information than regulators about the actions that they would take in the absence of a regulation, the effectiveness of a regulation may be undermined.[3] International relations theory has recognized that wars may be caused by asymmetric information[4] and that “Most of the great wars of the modern era resulted from leaders miscalculating their prospects for victory”.[5] There is asymmetric information between national leaders, wrote Jackson and Morelli, when there are differences “in what they know [i.e. believe] about each other’s armaments, quality of military personnel and tactics, determination, geography, political climate, or even just about the relative probability of different outcomes” or where they have “incomplete information about the motivations of other agents”.[6]

Information asymmetries are studied in the context of principal–agent problems where they are a major cause of misinforming and is essential in every communication process.[7] Information asymmetry is in contrast to perfect information, which is a key assumption in neo-classical economics.[8] In 2001 the Nobel Memorial Prize in Economics was awarded to George Akerlof, Michael Spence, and Joseph E. Stiglitz for their “analyses of markets with asymmetric information”.[9]

#38 RyYYZ on 06.01.20 at 2:56 pm

#30 Dolce Vita on 06.01.20 at 2:31 pm
By the way ONTARIO you have someone that is tracking your Rt overall, regionally and it’s not as bad as you may think, encouraging I would say…judge for yourselves:
====================================

The fact that we have to go to a freaking Twitter feed to get that information, compiled and illustrated by a 3rd party, does instill confidence that we’re ready to reopen.

Also, I’m not sure how he can calculate R0 when our testing is so incomplete and there are estimated to be many (I’ve seen numbers anywhere from about 5 to 1,000 (!)) more cases than the ones we detect.

We still don’t have the testing, tracking, contact tracing, and other controls that the countries that have successfully stopped this thing have. I don’t think we really know how good or bad the situation is.

#39 Nick on 06.01.20 at 2:58 pm

Lower Brainland BC realtors say buy ASAP or miss the bus.

They have been proven right for last 5 years.

Now your choice…Siddall vs lower brainland realtors.

#40 ElGatoNerodeYVR on 06.01.20 at 3:02 pm

The West on 06.01.20 at 2:14 pm
“Where does this $300,000,000,000 (I wrote the zeroes out to make it clear) actually come from?”
‐——————–
I know this was rhetorical but can’t help taking the bait.
Easy answer . Assuming 10 million tax paying Canadians (just rounding for argument’s sake) that makes 30,000 CAD per person. Over 5 years it is only 6k annually per year. They will find that one between all kind of taxes (all capital gains fully taxed , maybe GST ….). Easy peasy , looking forward to happily pay even more taxes ,paraphrasing another contributor from YYZ . ..I am but a working person tax slave with no means to … ahem ” maximize tax savings ” .

#41 T on 06.01.20 at 3:03 pm

#31 not 1st on 06.01.20 at 2:34 pm
#28 T on 06.01.20 at 2:21 pm

So looting Gucci and torching police stations is a human right? Hmmm. Thanks for clearing that up.

————

There are a few groups out. One of them is peacefully protesting, while others are taking advantage of the situation. I support the peaceful protests.

Where are you btw? I’m immersed in it on the west coast.

#42 Leftover on 06.01.20 at 3:04 pm

Oh, and another thing. Older condos are starting to look like under water time-shares. Taxes, fees and insurance can run > $2k a month for middling units in Toronto and Vancouver, never mind the cost of capital.

And they keep building them.

#43 Deplorable Dude on 06.01.20 at 3:09 pm

“ Here’s the latest: the banks together have allowed forbearance on $180 billion worth of mortgages and HELOCs.”

Sooooo…..how safe are the banks again?

Back to yesterday’s topic. I took a stroll around our newly reopened biggest mall in Nanaimo on Saturday. Nice to see it was pretty busy, but roughly 20% of the shops were still closed. One had a sign up saying it was unable to get staff….I wonder why.

T2 needs to stop CERB now.

#44 T on 06.01.20 at 3:09 pm

#32 Sail Away on 06.01.20 at 2:39 pm
#28 T on 06.01.20 at 2:21 pm
#17 Millennial905er on 06.01.20 at 1:40 pm

And there we have it folks.

The ‘woke’ Trump supporting, human right denying, very stable high income millennial genius.

Keep on with that privilege, Karen. It looks good on you.

—————

Nothing about privilege, T. It’s all about the person.

M905er seems to have made good decisions which have turned out well.

Best be tactful. Maybe you’ll be asking her for a job.

——————

It has everything to do with privilege. To be on the side of trump and to look down upon someone who is just trying to get ahead in life – reeks of privilege.

As for asking her for a job, highly doubtful. Check yourself away, you don’t know who anyone is and you like to make assumptions. The one you made here is vastly incorrect.

#45 Captain Uppa on 06.01.20 at 3:10 pm

Feels like Groundhog Day.

#46 Deplorable Dude on 06.01.20 at 3:15 pm

In other news the gun debate has been put to bed in the US for quite a while as we see armed store owners and civilians defending their businesses/homes….in Democratic run cities.

#47 David Pylyp on 06.01.20 at 3:19 pm

The FREE Money Miracle;

Finance Minister @carolejames announces provincial action to “strengthen the federal commercial rent assistance program.” Small businesses whose eligible landlords do not apply for the assistance program will be protected from eviction by those landlords, James says #bcpoli says @BCTodayOfficial

If the entire country is on handouts, who is minding the treasury?

david pylyp
Virtual Open houses
Toronto ON

#48 FreeBird on 06.01.20 at 3:26 pm

An old saying of building a financial house of cards. Looks like many did before virus. A personal or economic crisis was due to bring them down.

A realtor who didn’t understand a mortgage contract? Life is full of hard lessons. Don’t ever sign anything you haven’t carefully read/understand…or work w/an agent who doesn’t. Renting out most of a home to live there often a sign owner prob couldn’t afford it even if able to sign for it. Agreed heads up (or down) more to come. We’ll see what precedents courts will set.

#49 Where's My Monet Gweedeau? Up in smoke? on 06.01.20 at 3:30 pm

Re: #62 RunningOnEmpty on 05.31.20 at 4:49 pm
“Plus withdrawals from RRIFs and pension plans will be taxed 25% less this year.”

Say what? Where did you get that from?

Minimum required withdrawals are reduced by a quarter, so 25% less tax payable. – Garth
++++++++++++++++++++
So I can take out 100% of my RRSP this year and get a 25% reprieve on withheld taxes at withdrawal but full withdrawal amount is added to income? What benefit is that since T2 will INCREASE taxable income on next year’s taxes?
Please discuss.

Not even close. – Garth

#50 ElGatoNerodeYVR on 06.01.20 at 3:35 pm

I believe the oncoming death of Canadian real estate has been vastly exaggerated unless you live in the bunnies. There was an article that came to my google feed this morning from SCMP ( South China Morning Post) which basically said that a significant amount of HK residents are selling their real estate at a loss and looking to get out. Cities named to benefit: Vancouver, Toronto, Sydney ( Australia ), Singapore. Those that don’t need to sell and can hold for a year or so will benefit. Incidentally 1 year of spending money on hand in cash is what a financial adviser will recommend if they have your interest in mind , no mortgage deferral needed, no government handout, no force sale of your home.

#51 604-closure on 06.01.20 at 3:36 pm

Anyone want to take the counter argument: that real estate will go up? (I know the audience here, and consider myself a crash-is-inevitable).

Here is my attempt – Condo market is done, but SFH might be slow to dip in price. Maybe because of:

1) Low interest rate
2) HK capital fleeing
3) Lack of inventory as no one wants to leave a house to downsize to condo
4) Sideline money jumping in on any price reduction.
5) A federal government that props-up home ownership and has introduced measures to continue the ascent of prices.
6) Prices only go up! according to people who bought 20 years ago.
7) Pandemic will end and people will forgo food to hold onto the sweet paper profits of home ownership and not sell when required
8) Unknown/undeclared income make mortgages more affordable than datasets used for analysis indicate
9) Real estate marketers and mainstream media won’t let out the true story

I don’t think these counter current economic conditions, and prices *should* drop. However, have been watching this train wreck about to happen for a bit too long – my interest is beginning to wane. Despite all reasons to the contrary real estate has been a good investment (to date)!

#52 FreeBird on 06.01.20 at 3:38 pm

#41 T on 06.01.20 at 3:03 pm
There are a few groups out. One of them is peacefully protesting, while others are taking advantage of the situation. I support the peaceful protests.

Where are you btw? I’m immersed in it on the west coast.
—————————
In Ont and supporting peaceful protests/civil disobedience wherever they happen as and when I can often limited to the written word. Internet here isn’t (fully) controlled…yet. Spaces like this blog are now rare incl moderation done in moderation. Yellow police tape pulled down around child’s play area in park I walked in this weekend. Happy to see it and obv not saying where. Cheers

#53 Faron on 06.01.20 at 3:40 pm

#17 Millennial905er on 06.01.20 at 1:40 pm

“It seems like, just like there are protected classes of people who can protest, (anti lockdown protesters are slandered as yahoos, others …. ?!?) there are also protected segments of GDP (real estate gets headlines for gvt financial support, but not Oil and gas)

As far as I can tell, none of the anti lockdown protests were stopped. Nor have the peaceful George Floyd protests aside from the stray dude here and there who showed up to the “help the police”. But whaddya expect from a dude from Barstow CA.

There have been people slandering the anti-lockdowners just as there have been people slandering the George Floyd and BLM protestors in the US. I don’t see protection. In fact, I see plenty of instances of police hammering on peaceful protesters when there were no cases of that (as far as I know) in the anti-lockdown rallies.

As for protected sectors. First, to be clear, I’m rooting for a RE correction back to normalcy as are many. Second, RE is considered for protection because it’s both directly tied to consumer’s pocketbooks and it’s got a large portion if the CDN GDP wrapped up in it. Third, oil, gas and coal are on their way out. No time soon, but when Blackrock highlights the need to transition to new energy sources, it means that there’s money to be made there and/or money to be lost by not doing so. Despite offering some nice, cheap ETF’s for lazy investors like myself, Blackrock is not a charitable organization.

We’ll also always use coal unless we find an alternative reducing agent in smelting. We’ll always use oil and gas as long as plastics and other feedstocks are needed, but oil as energy is a waste of an otherwise extremely useful substance. I’d be really bummed if I couldn’t buy epoxy anymore for instance. Burning oil makes me think of burning arbutus as firewood. Arbutus is an excellent fuel and holds up to oak in terms of BTUs per cord, but it’s also an extremely beautiful hardwood. So, maybe using it to heat your home doesn’t make sense. There are alternatives, they are growing, invest in them.

#54 ZippyChippy on 06.01.20 at 3:41 pm

As always thanks Garth for this blog ( I have read it for years) and fo highlighting the reality of our future debt fueled housing predicament.

A minor point / quibble as an Ontario lawyer who has acted on mortgage defaults ie “foreclosures”. A “foreclosure” is actually VERY rare and not something a big bank is going to do unless there are extremely unusual circumstances.

“Foreclosure” is common parlance / short hand for the bank taking back a mortgaged property when the loan defaults.

In Ontario at least there are really two similar (but with different ultimate consequence) options for a bank when you don’t pay : “Foreclosure” or a “Power of Sale”.

Foreclosure: Bank essentially trades the physical mortgaged house in exchange for the mortgage debt owing. That’s it – no further claims against the debtor if there is shortfall in property value vs the debt. If they have equity it is wiped out and the bank gets the excess value. Who wins or loses depends on if house is worth more or less than the debt. A bank I guess would then sell it at some time in the future to liquidate. This would be a PR and logistical nightmare for a Bank. I have seen 2 of these in 12 years of practice in exceptional circumstances – this is not happening to a standard residential house.

Power of Sale: Bank takes control of the house and sells it on your behalf (on their terms / pricing / timeline / control). Once it is sold the bank pays itself the money owed on the debt (plus legals, interest and selling expenses) and if there is extra left over then they write the debtor a cheque for the balance remaining (ie their equity).

If there is a shortfall in the sale proceeds vs the debt + expenses owing after they have sold they sue you (and win) for the shortfall and come after you for the unsecured shortfall until you pay them (or potentially go bankrupt).

In the coming months “Powers of Sale” will be happening for sure – “Foreclosures” not so much (just imagine the CBC news piece / outcry if a Big 5 Bank tried to take someone’s equity after its debt owing had been repaid!). Folks with equity can also force a foreclosure back to a power of sale in any event.

Advice: if you have to sell because you can’t pay the mortgage be proactive and do it yourself before getting into serious default where the bank exercises its power of sale rights – it is cheaper and you have a hand in controlling the process / pricing. Good luck all.

#55 Love_The_Cottage on 06.01.20 at 3:44 pm

Who’s coming up to the cottage with me this weekend? You all are? Great. You paid for the place, the property taxes, the upkeep, utilities, etc. You have as much right to be here as anyone else. I’ll see you there from 6+ feet away.

#56 morrey on 06.01.20 at 3:47 pm

DELETED

#57 jess on 06.01.20 at 3:49 pm

The secret of life is honesty and fair dealing. If you can fake that, you’ve got it made. Groucho Marx

=================

Banksters…. Judge Ferdinand Pecora has been credited with coining the term Bankster. In June 1933, his image appeared on the cover of Time magazine, seated at a US Senate table, a cigar in his mouth.

Sydney (CNN Business)Mining giant Rio Tinto has apologized after blowing up a 46,000-year-old sacred indigenous site with dynamite to expand an Australian iron ore mine.

“Juukan Gorge’s shelters [are] nine-times older than Stonehenge, 23-times older than the Colosseum and 75-times older than Machu Picchu,
https://www.cnn.com/2020/06/01/business/rio-tinto-pilbara-sacred-site-intl-hnk-scli/index.html

black lives matter in perth!

#58 T on 06.01.20 at 3:51 pm

#52 FreeBird on 06.01.20 at 3:38 pm
#41 T on 06.01.20 at 3:03 pm
There are a few groups out. One of them is peacefully protesting, while others are taking advantage of the situation. I support the peaceful protests.

Where are you btw? I’m immersed in it on the west coast.
—————————
In Ont and supporting peaceful protests/civil disobedience wherever they happen as and when I can often limited to the written word. Internet here isn’t (fully) controlled…yet. Spaces like this blog are now rare incl moderation done in moderation. Yellow police tape pulled down around child’s play area in park I walked in this weekend. Happy to see it and obv not saying where. Cheers

——————

Exercise your rights.

That’s what this is all about. All people should have the same equal rights across the board. The right to live, the right to speak, the right to be heard.

However, there is no right to destroy and steal. Too bad there isn’t an effective way to remove the antagonists and anarchists from the groups of peaceful protestors.

Please, continue with the peaceful protests. Support equal rights for all.

And everyone please understand, what you see on the media outlets is what attracts eyeballs. Unfortunately peaceful protests aren’t good for ratings.

#59 Sail Away on 06.01.20 at 3:51 pm

#44 T on 06.01.20 at 3:09 pm
#32 Sail Away on 06.01.20 at 2:39 pm
#28 T on 06.01.20 at 2:21 pm
#17 Millennial905er on 06.01.20 at 1:40 pm

And there we have it folks.

The ‘woke’ Trump supporting, human right denying, very stable high income millennial genius.

Keep on with that privilege, Karen. It looks good on you.

—————

Nothing about privilege, T. It’s all about the person.

M905er seems to have made good decisions which have turned out well.

Best be tactful. Maybe you’ll be asking her for a job.

——————

It has everything to do with privilege. To be on the side of trump and to look down upon someone who is just trying to get ahead in life – reeks of privilege.

As for asking her for a job, highly doubtful. Check yourself away, you don’t know who anyone is and you like to make assumptions. The one you made here is vastly incorrect.

————-

Ok, no assumptions then. You’re using the word. Can you define privilege as you see it? Particularly as it applies to M905er and excludes you, if possible?

#60 Faron on 06.01.20 at 3:53 pm

#51 604-closure on 06.01.20 at 3:36 pm

Interesting discussion.

I wonder about #3 and #4 too. People will have to go somewhere if they get foreclosed upon, and that could make things quite complex (slumping one RE sector while another spikes). It’s also why I hold apartment focused REITs. It’s hard to imagine fewer people renting in the future and I’d guess that the bottom is in as far as non-payment of rent is concerned.

Sideline money for sure. Walking example here. There are a lot of renters who are “just” out of the market and who will rapidly come in when the prices dip. I think this may provide more support than credit is given for. However, it would surprise me if CMHC hasn’t factored this into their model(s). It also conflicts with my hypothesis that apartments REITs are a sure bet.

#61 Sail Away on 06.01.20 at 3:56 pm

I am busily protesting perceived (by me) injustices against Congolese dik diks. Thinking about rioting for more impact.

This must end! Who’s with me?

#62 binky barnes on 06.01.20 at 3:57 pm

“Responsibility for your own actions seems to be a long lost trait in Canada today.”

“No wonder everyone wants something for nothing.”

————————————-

^^^ Yepper. These sentiments seem to be more and more prevalent in this country. And we have a government that does not do enough to discourage this thinking.

BB

#63 Faron on 06.01.20 at 3:59 pm

I’ll add that it’s essential that as much support as is possible is provided to those in the oil/gas/coal sectors as the transition happens. If a gov’t is going to impose carbon taxes to push a migration it absolutely has to help those negatively affected. 10% of the economy is a lot of workers working at all income levels.

#64 Flanneur on 06.01.20 at 4:02 pm

How much for the realtor fee on that house? 50k? At least! Maybe Trudeau should cover everyone’s realtor fees? If the banks are cooks for 30k, 50k+ Should be jail time.

Good comment above maybe she’s giving large discounts on her commissions to everyone.

#65 James on 06.01.20 at 4:03 pm

Rents are falling and amateur landlords are in a vice. Since the virus came to town, rental rates in the big cities like Toronto have steadily snaked lower. Last year an estimated 40% of condo owners with tenants were in negative cash flow, but anticipating capital gains on their units. No more.

Now condos are rapidly falling out of favour (germy elevators, yucky garbage rooms, suspect common areas), while lease rates are fading (2.7% so far). Losses-per-month are piling up for all those thousands of people (12% of Toronto homeowners also have rental units) who bought concrete sky boxes, usually with big leverage against their houses.

Yup. More listings coming as many of these sad, deceived and delusional people exit an asset class whose time has passed.
_________________________________________
Who wants to in a Condo that rents most of its units if you were an owner. I certainly would not. The other consideration is the legality now of all these Condo units that will be repossessed by the banks. Who pays the exorbitant strata fees and who will pay for the insurance? If you can get it!

#66 Yukon Elvis on 06.01.20 at 4:04 pm

#35 Lambchop on 06.01.20 at 2:48 pm
Who doesn’t read a contract before signing it anyway? If you sign a mortgage blindly, I don’t know why anyone should have sympathy.
………………………………………………

I read my mortgage contract once. After my banker woke me up I just signed it blindly.

#67 Sail Away on 06.01.20 at 4:06 pm

If I lived in Toronto, it’s quite possible I’d offer the owner $575k for the house. No realtor.

She’d save $15k, I’d get a house below market value. Win win.

That’s business. Instead of denigrating someone for their decisions, find the opportunity that benefits both of you.

#68 Stone on 06.01.20 at 4:06 pm

#6 Ponzius Pilatus on 06.01.20 at 12:58 pm
#2 Ace Goodheart on 06.01.20 at 12:48 pm
Re: “If even a small slice of the can’t-pay-won’t-pay people end up walking away from their houses”

Not possible in Ontario. This Province is not conductive to “jingle mail”.

Walking away from a house with no equity in it, in our sunny Province results in about 40K in legal fees (yes, the bank will sue you and yes, they will win. The cases are predictable and the awards are pretty much standard).
————–
The Bank won’t bother suing.
No judge will side with the big fat banks.
Particulary, in these times.

———

Think again. They will and the judges will side with them so long as the paperwork is in order. 100% guaranteed.

#69 James on 06.01.20 at 4:10 pm

#42 Leftover on 06.01.20 at 3:04 pm

Oh, and another thing. Older condos are starting to look like under water time-shares. Taxes, fees and insurance can run > $2k a month for middling units in Toronto and Vancouver, never mind the cost of capital.

And they keep building them.
____________________________________________
We have a close friend going through this exact situation currently. She is very worried as her older building is nearing it life expectancy as it was built in the early 80’s and she is now having difficulty procuring insurance at a reasonable rate. The rental units are starting to bail and the owner/landlords are looking for an exit strategy. She said the strata fees are becoming quite bothersome they just keep going up and special assessment fees are hurting. Too late to sell now. She is very depressed as it is one of the older larger condos of its time.

#70 Ponzius Pilatus on 06.01.20 at 4:17 pm

The Prez hides in bunker in the White House.
And calls the Governors “weak”.
Can’t make this up.

#71 Attrition on 06.01.20 at 4:19 pm

Ah, the Karen meme.

If you think anti-white racism isn’t a real thing, and isn’t sanctioned by mainstream media, give this a read.

It’s on CNN, so is censor and site safe:

https://www.cnn.com/2020/05/30/us/karen-meme-trnd/index.html

Imagine how this meme would ignite racial tensions if it wasn’t a meme about Caucasian women.

But it’s ok, because…?

#72 Lost...but not leased on 06.01.20 at 4:19 pm

#5 Ponzius Pilatus on 06.01.20 at 12:54 pm
For those who actually care what (who) Antifa is, below is a piece by the BBC.
Antifa started out in Europe in the 1920’s and 30’s demonstrating against fascism and dictatorships.

Which, I believe, are noble undertakings.

===============

You are joking..right ???

Right ????

#73 Ejy on 06.01.20 at 4:22 pm

Here is the story:

https://ca.news.yahoo.com/td-bank-charges-30-000-080028008.html

#74 Ponzius Pilatus on 06.01.20 at 4:22 pm

#51
If you’re talking about the Lower Mainland, I have to agree.

#75 Freedom First on 06.01.20 at 4:24 pm

Thank you Garth for sharing your knowledge on the #1 Canadian Financial Blog for years and helping many of us learn our way to financial prosperity in every category of our lives. All presented with free belly rubs, wit, and humour.
While I am grateful to have avoided the devastation here already, with more to come, I feel badly about the many who are and will suffer horrific consequences, here and worldwide.

Freedom First

#76 Where's My Monee, Gweedeau? Up in smoke? on 06.01.20 at 4:25 pm

Re: Garth https://www.greaterfool.ca/2020/06/01/something-has-to-happen/comment-page-1/?unapproved=716083&moderation-hash=1309ebe3282ac4765906a1fc46392e1f#comment-716083
——–
So the 25% is only for RRIF’s? What’s the mention of pension plans then?

#77 Stone on 06.01.20 at 4:28 pm

The back story: she’s a realtor. The 905 house was financed based on two tenants living there plus an Airbnb suite.

———

So, in other words, she completed a bogus mortgage application. Wonderful.

On that basis, she reaps what she sowed.

Personally, I would not have gone to the media with such a pathetic story. She isn’t ashamed of looking like a dofus in public? Wow. Completely clueless.

Party on Garth! Party on Wayne! Excellent!!!

#78 Keep Your Rent on 06.01.20 at 4:32 pm

Tenants keep your rent.

Landlords keep your distance.

We re-publish this report from People’s Defence Toronto.

https://www.facebook.com/PeoplesDefenceTO/

While organizing over the past two months, we have been horrified by news of mass COVID-19 outbreaks at long-term care homes. Recently, we found out that some of the worst hit homes are owned by the same person sending eviction notices and rent increases to hundreds of tenants without jobs and income.

Ranee Management Limited is a corporate landlord with over 7,500 units throughout the GTA. Ranee is run by the Zolty-Friedman family dynasty, which has been profiting off real-estate schemes for over 60 years. Phyllis and Bentzion (Ben) Friedman – the daughter and son-in-law of Ranee’s founder Morris Zolty – personally own several buildings, including those in Goodwood Park and Fountainhead Road which have been on rent strike since April and May 1st respectively.

Ben is also the president of Rykka Care Centres, one of the largest for-profit long-term care (LTC) operators in Canada. Three Rykka-owned nursing homes – Anson Place in Hagersville, Eatonville Place in Etobicoke, and Hawthorne Place in Jane/Finch – have had some of the worst COVID-19 outbreaks in the province, causing over 100 deaths so far.

Why? Because Rykka refused to put in place basic health and safety measures even as people were dying. PSWs, nurses and families of residents had to go to court to get any protection. Now, the military has exposed ongoing abuse and neglect in their homes, and the province is considering take-overs and criminal charges.

****
“I actually called the OPP, because I thought this was murder!” – Rebecca Shaw, PSW at Anson Place, on management’s handling of crisis

“My sister was traumatized by the way he died…it was a terrible death…he worked hard all of his life to bring up four children. He was a good man and he was a good father.” – Son of Maurice Orchard, first resident at Eatonville Place to die of COVID-19

“Protocols in place have a near 100 per cent contamination rate for equipment, patients and overall facility…Equipment is seldom/ever observed to be disinfected but is used between positive/negative patients.” – Military Report on Hawthorne Place, May 26th

****

HOW ARE RANEE TENANTS RESPONDING?

Tenants of Goodwood and Fountainhead are aware of Friedman’s heinous acts in Rykka, and are themselves victims of his greed. Before this pandemic, many of them faced constant rent increases while basic repairs weren’t done. Now, during the worst economic crisis in living memory, Ranee has used the threat of eviction to pressure them out of what little savings and income they have.

Hundreds have refused to accept these conditions. They want rent relief (not rent debt) for those who cannot afford to pay, and an end to rent increases in the coming months and years – including Above Guideline Increases (AGIs) of over 5% being pursued in two Goodwood Park buildings. They have taken up the Keep Your Rent Toronto campaign, and organized group chats and committees with the support of Tamil Freedom Coalition in Jane and Finch and People’s Defence Toronto in East York. They are on rent strike until Ranee stops threatening people with eviction, and acts like the “responsible landlord” it claims to be by negotiating with tenants.

For over 30 years, the wages, jobs and health of working-class people have been destroyed, while a small group of people have become unbelievably wealthy. This is at the root of the crisis in residential housing and long-term-care. Things will only get worse as this pandemic becomes a recession. The only chance of reversing it is if we get organized to fight back: in our buildings, workplaces and community networks.

With this understanding, tenants in Goodwood and Fountainhead will continue their rent strike into June, and take on concrete acts of solidarity with residents and workers at Rykka-owned homes. Follow the PD page for updates!

#79 april on 06.01.20 at 4:35 pm

#39 – Only a fool would believe that today. Buyers have been wrong for the past couple of yrs.

#80 willworkforpickles on 06.01.20 at 4:36 pm

….And what resulting outcome can be expected from the demonstrating/civil unrest going on?
Expect a more adamant level of resisting arrest incidents nation-wide going forward and a necessary ever increasing use of force by police to detain and make arrests. The 67 12th st riots had that particular effect going forward back then. Some things never change.
-So then,……… onward and stumbling forth….. we wait now to see if two and a half months of social distancing will turn out all for naught as a result of all the come togetherness of our latest social exuberances.

RE prices ? (nord of the border) being all the rage here in the months ahead… we’ll have to patiently (painfully) wait and see.
As for this neck of the woods the infernal ever escalating relentlessly increasing price of bullet proof glass is keeping some up at night.

#81 The real Kip (Ret) on 06.01.20 at 4:44 pm

Look on any computer keyboard and you’ll see the ‘print’ key. Well, if you’re the federal government, you know what that does. They’ll print their way out of it don’t worry.

#82 Stone on 06.01.20 at 4:45 pm

The back story: she’s a realtor. The 905 house was financed based on two tenants living there plus an Airbnb suite.

———

I forgot to add this to my prior post:

So, of course, she’s going to declare her capital gains on that house she sold considering she had renters and an Airbnb, right? Rental income too, right?

Hi there, CRA. This an easy one for you to go after. Happy hunting.

Because she declared everything on her tax return. Lol

#83 Lost...but not leased on 06.01.20 at 4:48 pm

#50 ElGatoNerodeYVR on 06.01.20 at 3:35 pm
I believe the oncoming death of Canadian real estate has been vastly exaggerated unless you live in the bunnies. There was an article that came to my google feed this morning from SCMP ( South China Morning Post) which basically said that a significant amount of HK residents are selling their real estate at a loss and looking to get out.

===================

Yeah…possibly…

However…I doubt Canuckistan citizens are going to tolerate another wave of foreign $$$, especially during an alleged pandemic, and as Gov’ts continue to destroy the middle class, at minimum via incompetence, or via design at worse…… aka Canada’s role is not to be a safe haven for fickle and fearful capital outflow…which it has been for 30+ years.

The foreign $$$ ” may ” help support home prices to some new average, but in long term I doubt it.

#84 Anthony on 06.01.20 at 4:56 pm

#34-Ejy-“Time to write your MP, PM etc. and advocate for letting the RE market settle naturally vs interfere. Why not–the RE industry has millions for advocacy and outs the pressure on the gov.”

Also write to the US Fed advocating for letting the stock market settle naturally vs interfere. How much support for that idea among the blog dogs?

The whole lot of you are hypocrites.

#85 Lost...but not leased on 06.01.20 at 5:06 pm

Change/s in the wind/s…

https://www.straight.com/news/some-vancouver-airbnb-units-are-being-converted-into-long-term-rental-dwellings

#86 Al on 06.01.20 at 5:09 pm

Part 2 from acre realtor Brad Lamb: https://www.bradjlamb.com/blog/2020/05/covid-19-the-way-forward-part-2/

#87 Faron on 06.01.20 at 5:11 pm

#65 James on 06.01.20 at 4:03 pm

“Who pays the exorbitant strata fees and who will pay for the insurance? If you can get it!”

I’m sure a REIT would be happy to scoop up whole buildings to add to the portfolio. During the GFC, property management outfits scooped up many distressed home sales in the US. I’m reckon they will be in the mix here too once prices are low enough to help the business cases.

#88 JP on 06.01.20 at 5:11 pm

The over leveraged realtor has discovered purpose, to serve as a warning to others.

#89 T on 06.01.20 at 5:11 pm

#59 Sail Away on 06.01.20 at 3:51 pm
#44 T on 06.01.20 at 3:09 pm
#32 Sail Away on 06.01.20 at 2:39 pm
#28 T on 06.01.20 at 2:21 pm
#17 Millennial905er on 06.01.20 at 1:40 pm

And there we have it folks.

The ‘woke’ Trump supporting, human right denying, very stable high income millennial genius.

Keep on with that privilege, Karen. It looks good on you.

—————

Nothing about privilege, T. It’s all about the person.

M905er seems to have made good decisions which have turned out well.

Best be tactful. Maybe you’ll be asking her for a job.

——————

It has everything to do with privilege. To be on the side of trump and to look down upon someone who is just trying to get ahead in life – reeks of privilege.

As for asking her for a job, highly doubtful. Check yourself away, you don’t know who anyone is and you like to make assumptions. The one you made here is vastly incorrect.

————-

Ok, no assumptions then. You’re using the word. Can you define privilege as you see it? Particularly as it applies to M905er and excludes you, if possible?

—————

I see you have a reading comprehension challenge.

Let me make it very clear for you.

Looking down upon others whom are just trying to get ahead in life, while propping yourself up as all knowing, bragging about your stable high income, especially during times like these, while openly displaying your support for a failed openly racist narcissist leader, is a very open display of privilege.

Also, she obviously has no empathy for others, it’s all about her and how well she is doing compared to others.

You should act in-like with your moniker and sail away. You don’t add any value here. Frankly, I find you to be a troll.

#90 kingston boy on 06.01.20 at 5:12 pm

Everyone looking for a handout.

zero sympathy for that realtor.
she, of all people, should know the penalties for breaking a mortgage.

Pay up and grow up.

#91 BrianT on 06.01.20 at 5:12 pm

The same MSM that wants the lockdowns to continue indefinitely sees the rioters and looters as proud freedom fighters-Turner Nation is right-you can clearly see there is a pattern here.

#92 Re-Cowtown on 06.01.20 at 5:13 pm

#5 Ponzius Pilatus on 06.01.20 at 12:54 pm
For those who actually care what (who) Antifa is, below is a piece by the BBC.
Antifa started out in Europe in the 1920’s and 30’s demonstrating against fascism and dictatorships.
Which, I believe, are noble undertakings.

+++++++++++++++++++++++++++++++++

That’s only half the story. Antifa in the 20’s and 30’s were rabid communists. The fight between socialist fascists and socialist anti-fascists was over whose demented, homicidal and despotic socialist dictator would rule.

Stalin vs. Hitler.

Genocide or genocide. Pick well.

#93 Ponzius Pilatus on 06.01.20 at 5:19 pm

#85 Lost…but not leased on 06.01.20 at 5:06 pm
Change/s in the wind/s…

https://www.straight.com/news/some-vancouver-airbnb-units-are-being-converted-into-long-term-rental-dwellings
————————————
Good news.
Rents are already falling by about 30% in Vancouver.
This will lower them even further.
Amateur speculators in housing are getting what they deserve.

#94 no blog for old men on 06.01.20 at 5:19 pm

@#17 Millennial905er on 06.01.20 at 1:40 pm
Not sure why I bother posting when half of my comments get deleted but I’m not posting anything political this time, for eg. my love for Trump, or the fact that these blm protests are bogus, so maybe I’ll have better luck…

//////////////////////////////////

ok Karen.

#95 Sail away on 06.01.20 at 5:21 pm

#70 Ponzius Pilatus on 06.01.20 at 4:17 pm

The Prez hides in bunker in the White House.
And calls the Governors “weak”.
Can’t make this up.

————

Ponz, I know you think a leader must be the strongest barbarian and ride at the head of his troops with a cudgel in order to make things happen…

But that’s not actually the case anymore.

Trump, or any of the governors, could actually direct a full-scale intervention without leaving the bunker. Shocking but true.

Weak leaders avoid hard decisions. Sound familiar?

#96 jess on 06.01.20 at 5:26 pm

Private autopsy finds George Floyd died of asphyxiation

The family of George Floyd has had a private autopsy performed on his body, with pathologists concluding that the cause of death was asphyxiation from sustained pressure.

==============
Family autopsy of George Floyd conflicts with official one
as described in a criminal complaint that ruled out asphyxiation or strangulation.

virtual walk outs?

Facebook employees hold virtual walkout over Mark Zuckerberg’s refusal to act against Trump

#97 no blog for old men on 06.01.20 at 5:27 pm

@#72 Lost…but not leased on 06.01.20 at 4:19 pm
#5 Ponzius Pilatus on 06.01.20 at 12:54 pm
For those who actually care what (who) Antifa is, below is a piece by the BBC.
Antifa started out in Europe in the 1920’s and 30’s demonstrating against fascism and dictatorships.

Which, I believe, are noble undertakings.

===============

You are joking..right ???

Right ????
//////////////////////////////////

you don’t think fighting facism is noble?

#98 Sail away on 06.01.20 at 5:30 pm

#89 T on 06.01.20 at 5:11 pm
#59 Sail Away on 06.01.20 at 3:51 pm
#44 T on 06.01.20 at 3:09 pm
#32 Sail Away on 06.01.20 at 2:39 pm
#28 T on 06.01.20 at 2:21 pm
#17 Millennial905er on 06.01.20 at 1:40 pm

I see you have a reading comprehension challenge.

Let me make it very clear for you.

Looking down upon others whom are just trying to get ahead in life, while propping yourself up as all knowing, bragging about your stable high income, especially during times like these, while openly displaying your support for a failed openly racist narcissist leader, is a very open display of privilege.

Also, she obviously has no empathy for others, it’s all about her and how well she is doing compared to others.

You should act in-like with your moniker and sail away. You don’t add any value here. Frankly, I find you to be a troll.

————-

You win. Good argument; great points. Your position is unassailable.

#99 baloney Sandwitch on 06.01.20 at 5:30 pm

The country to the south is about to descend into its 2nd civil war and we are worried about houses? Imagine race war + pandemic + depression. Wow, when it rains it pours.

#100 Dave on 06.01.20 at 5:35 pm

Thus far Trudeau has come to the rescue…why won’t he in 3 more months???

#101 J Morris on 06.01.20 at 5:35 pm

funny how we migrated from common sense Revolution to Can’t fix stupid syndrome:
A-rail blockade-that’s bad-there goes the economy
B-covid-19-that’s bad-no cure -stay home
C-looting-that’s bad-there goes your small business
D-Space X-that’s good-get me off this planet of debt
E-oil protest-that’s bad-learn hitchhiking
F-Gold:that’s bad-can’t have your cake and eat it to
G-Superchargers trashed-That’s bad- no Tesla………
reminds me of Sherlock Holmes and Watson:Gone Camping:
Sherlock:Watson, what do you see when you look skyward?
Watson:I see many stars and a welcoming new era,
Sherlock:Watson you idiot,it means someone stole our tent:

#102 PetertheSeparatistfromCalgary on 06.01.20 at 5:38 pm

Wall Street is pretty much ignoring the riots. [email protected] up 0.38 percent on Monday June 1, 2020.

Maybe investors are thinking 1968 when riots over Martin Luther King, Jr. murder helped Nixon win the election.

https://www.newyorker.com/news/q-and-a/how-violent-protests-change-politics

#103 Cto on 06.01.20 at 5:39 pm

Mortgage deferral cliff in 3 months?
Take a wild guess at what gonna happen….
Have you seen Truedus lately???

He will mandate the wings of government to extend all benefits and force banks to extend as well! ,..indefinitely!!!
Because he knows when times are good again we will pay it all off.
Right?

#104 Doug t on 06.01.20 at 5:46 pm

Crash and burn baby – its gonna be a full blown economic collapse for this country and in no thanks to T2

#105 Rich on CERB on 06.01.20 at 5:47 pm

Rents are falling…

Not in Toronto my friend. Toronto is the “world class city” where 350,000-500,000 more Torontonians are born every year. The population of Toronto when Rob Ford was elected was a measly 2.5 million, but today it is officially at 3.4 million and expected to reach 5 million in 10 years.

#106 rknusa on 06.01.20 at 5:47 pm

re: The 905 house was financed based on two tenants living there plus an Airbnb suite. So when her income dried up, the renters left and no tourists arrived, she was facing financial ruin living in a giant house with $600,000 in financing.

she gambled she lost, she knew the penalty and the terms of the contract, I have no sympathy whatsoever

#107 kingston boy on 06.01.20 at 5:52 pm

@#89 T on 06.01.20 at 5:11 pm
#59 Sail Away on 06.01.20 at 3:51 pm
#44 T on 06.01.20 at 3:09 pm
#32 Sail Away on 06.01.20 at 2:39 pm
#28 T on 06.01.20 at 2:21 pm
#17 Millennial905er on 06.01.20 at 1:40 pm

And there we have it folks.

The ‘woke’ Trump supporting, human right denying, very stable high income millennial genius.

Keep on with that privilege, Karen. It looks good on you.

—————

You should act in-like with your moniker and sail away. You don’t add any value here. Frankly, I find you to be a troll.

if you quit feeding him he will go away.

#108 Lost...but not leased on 06.01.20 at 5:55 pm

#92 Re-Cowtown on 06.01.20 at 5:13 pm
#5 Ponzius Pilatus on 06.01.20 at 12:54 pm

========================
Sigh…

I do respect the majority of the posters here….

Sad when they just don’t get it on the lynchpins of modern history.

Even sadder is , as we speak…we are at THE most crucial turning point in all of history which goes back thousands of years…

Many of us knew “it” was coming soon…the only question left was just would we experience and witness this in our lifetimes , as we speak ???

IMHO….the answer is YES

#109 TurnerNation on 06.01.20 at 5:56 pm

#91 BrianT – it’s worse. The government has been told to follow a script. Everything is being turned against us even fellow humans.
What happened to #stayhome?
This all is a big distraction as the New System is being rolled out. Takes time. This blog echos my sentiments.
Fall harvest coming: Crown Bankers using Crown Virus to take back the Crown Land.
………….
https://twitter.com/cathmckenna/status/1267197246669496320

Catherine McKenna
@cathmckenna
Right now, thousands—if not millions—are marching, fighting, and protesting for their basic human rights.

We need to acknowledge that racism and discrimination are a part of our reality here in Canada and around the world and we all need to call it out.
We have to do better.
4:52 PM · May 31, 2020 from Ottawa, Ontario·Twitter for iPhone

#110 Reality is stark on 06.01.20 at 6:03 pm

When it is convenient to play the victim you play the victim. As I have said many times this is the new product of our illustrious education SJW system.
You are a strong and independent realtor until things go wrong. Now you are the victim of a patriarchal capitalist regime that demands accountability. How mean.
The bank cannot charge her $30,000.00 but owes her $20,000.00 for the unnecessary insult to a vulnerable gender.
This is no joke.
We are raising a class of perpetual children who lack reason and accountability. The housing issue is secondary.

#111 Drew on 06.01.20 at 6:04 pm

I saw that headline but didn’t even read I just knew it was some idiot whining they had to pay a penalty they agreed to because they bought to much house, but it sounds like she really bought way too much house.

#112 paulo on 06.01.20 at 6:05 pm

So this Real Estate agent turned housing into a business venture somehow got a mortgage she likely should never have been approved for in the first place and now is crying me a river supported by the tax payer funded network a well known real estate pumping realatard cartel supporter….. to bad she likely got out better than anybody she sold a property to in the last few years game on for the correction long over due hopefully goverment types are watching stories and determining that the tax payer has no place bailing out sub prime garbage mortgages that apparently have been granted in large numbers by the big 6

#113 tim123 on 06.01.20 at 6:06 pm

I wonder why people who are unemployed and looking at reduced hours or under employment are not listing their houses if they think there might be trouble paying for their mortgages after Sept. 2020. Its like a train coming down the railway tracks and these people who are over leveraged can’t see the train and don’t know what to do about the train. I know what I would do if i was in the situation, sell the real estate and take whatever profit/loss and live to fight another day.

On the topic of the realtor, the house sold for $1.03 million she had a $591,000 mortgage. I am guessing that she would have put down a 5% down payment when she bought the house as she strikes me as someone who would leverage as much as possible so she would have put down $31K downpayment so even after the expenses ($30K penalty) she made a decent $378,000 on the trade. She didn’t say how long she held the house but I am guessing it must be more than 1.5 years as the price appreciated around 66% so she must have held it at least 5 years. It is a decent return on investment. Note, I did not include the fixed costs of her living there as I do not know her taxes and other costs.
Anyways she did a high risk trade and it worked out for her so kudos to her for the trade. It was an especially bright move of her to realize that the real estate market is about to crash so she really timed it as best she could. She traded like a pro equity trader would do: when a trade goes against you, sell first and ask questions later.
I know people on this message board will criticize her but I have to say well done to her. This is from one investor to another. The person who bought her house is in for a world of hurt with the upcoming Real Estate crash so I have to say it was a bad time for that person as they are going to lose hundreds of thousands.

It is too risky a trade for me and I trade stocks and options (long and short) in the equity markets and I would not have leveraged like that. Real estate is hard to unload when a black swan event happens. She also committed her whole net worth on one trade and that is a no no for professional investors. She narrowly avoided financial disaster so I hope she learns from this lesson. Others can learn from her lesson too. Do what the wall street guys do, when you see a disaster coming (i.e.- real estate crash) , you sell first and ask questions later.

#114 Brian Ripley on 06.01.20 at 6:12 pm

THANK YOU #89 T on 06.01.20 at 5:11 pm FOR SPEAKING UP.

I have noticed the Trump fanboys in this comments section have almost dried up and or shut up over the last month or two.

For those readers who are confused about why Trump behaves like a “…a failed openly racist narcissist leader…” I have a lengthy post based on multiple expert analysts on the subject of Trump’s psychology here: http://www.chpc.biz/history-readings/liar-liar

And here is an article by Tony Schwartz published May 28, 2020… “I spent hundreds of hours with Donald Trump to ghost-write ‘The Art of the Deal.’ I now see a deeper meaning behind his behavior.” It’s a 12 minute read here:

https://gen.medium.com/the-psychopath-in-chief-aa10ab2165d9

PS… my global pandemic chart (after 2 months of data) is updated here: http://www.chpc.biz/history-readings/pandemic-update3794264

#115 Mahdi on 06.01.20 at 6:16 pm

any thoughts on ottawa housing market as far as the COVID impact?

#116 Retro Marxist on 06.01.20 at 6:18 pm

DELETED

#117 Brandon on 06.01.20 at 6:21 pm

If banks had to choose

-Indefinite deferrals of $60 billion (⅓ of current) of mortgages and helocs

Vs

-1% of mortgages/helocs (48k) end up deep in arrears, to the point the bank exercises a sale?

which would be preferable to banks?

This is a huge oversimplification by a layman…

If 1% of all mortgages/helocs were exercised for sale by the bank, and chances are they have hardly any equity – as mentioned on this blog

“Seven in ten of those households have scant equity in their homes, with loan-to-value ratios of 90 to 95”

Lets say housing prices drop to the point, where the above mentioned group of people are just barely in negative equity. -$15k per home. Assuming realtor fees happen to be $10k per sale. Assuming the banks don’t bother going after anyone for the remaining costs, that’s a $1.2 billion realized net loss. There is also risk that housing prices could drop further while this is all being executed. It also ruins the credit of +48,000k customers, who otherwise may be able to follow through on the loan if deferrals are extended deep into the future.

The deferrals, $60 billion at 3% would equal roughly $1.8 billion of lost interest, that would just get tacked onto the existing balance of the loans. Post covid, some people may end up being able to pay that 20 or 30 years from today.

These numbers seem pretty tame in the grand scheme of things. CERB is $16.5 billion per month with 8.2 mil claimants.

#118 jess on 06.01.20 at 6:23 pm

https://en.wikipedia.org/wiki/Shooting_of_Justine_Damond

On July 15, 2017, Justine Ruszczyk, also known as Justine Damond,[2][3] a 40-year-old Australian-American woman, was fatally shot by Mohamed Noor, a Somali-American Minneapolis Police Department officer, after she had called 9-1-1 to report the possible assault of a woman in an alley behind her house. Noor was ultimately arrested and charged with second-degree manslaughter and third-degree murder following an eight-month investigation by the Minnesota Bureau of Criminal Apprehension and the Hennepin County Attorney’s Office.
In April 2019, Noor was convicted of third-degree murder and manslaughter, but acquitted of intentional second-degree murder.[4] In June 2019, Noor was sentenced to 12.5 years in prison.[5] Damond’s family brought a civil lawsuit against the City of Minneapolis alleging violation of Damond’s civil rights, which the city settled for $US20 million,[6] one of the largest-ever settlements in a suit involving a police killing.[5]

Trial and conviction

On March 20, 2018, a warrant was issued for third-degree murder and second-degree manslaughter charges, and Noor turned himself in to police. He also resigned from the Minneapolis Police Department.[56] With the approval of the court, prosecutors later upgraded the charges against Noor to second-degree intentional murder.[57][58]

On April 30, 2019, Noor was convicted of third-degree murder and second-degree manslaughter.[59] Under Minnesota law, third-degree murder is defined as “a person causing the death of another by perpetrating an act eminently dangerous to others and without regard for human life, but without intent to cause the death of any person”; second-degree manslaughter is defined as “whoever by culpable negligence, whereby he creates an unreasonable risk and consciously takes the chance of causing death or great bodily harm to another person, causes the death of another is guilty of manslaughter in the second degree”.[60]

The Somali-American Police Association issued a statement after the verdict claiming that racial bias contributed to Noor’s conviction.[61]

In May 2019, Noor’s attorneys lodged a motion for acquittal on both charges, arguing that the evidence was insufficient.[62][63]

On June 7, 2019, Noor was sentenced to 12.5 years in prison.[5]
Aftermath

Minneapolis Chief of Police Janeé Harteau was on vacation at the time of Damond’s killing, and continued her vacation for four days, rather than immediately returning to Minneapolis after the killing.[64] After returning to the city, Harteau said at a press conference, “Justine didn’t have to die…The death of Justine should not have happened.” Regarding Noor’s refusal to speak to investigators, Harteau said “I would prefer Officer Noor would speak”.[65] Less than a week after Damond’s killing, Harteau was ousted, after Mayor Betsy Hodges said that she and the city had lost confidence in Harteau’s ability to lead.[66][67] The police shootings were a contributing factor to Hodges losing her bid for reelection in 2017.[68]

Following the shooting, Minneapolis acting police chief Medaria Arradondo announced that police officers would be required to turn on body-worn cameras during all calls and traffic stops.[69] Bob Kroll, the president of the Minneapolis police officers’ union, objected to having cameras recording while officers are on the way to a call, saying that officers’ discussion of tactics “while responding to a call should not be publicly disseminated.”[70]

#119 Faron on 06.01.20 at 6:33 pm

Sail Away:

“Weak leaders avoid hard decisions. Sound familiar?”

Sorry Sail Away, but I gotta write this:

Do strong leaders dictate policy by fiat over twitter while consulting cronies and denying viewpoints that run counter to his overinflated sense of self and sense of intelligence? “Sorry Dr. Fauci, I know you’re a preeminent global expert on viruses and infectious disease and have served under numerous administrations in a bipartisan way such as joining forces with W to build an AIDS program that has saved millions of lives, but I’m going to do this my own way.”

Bleach anyone?

The man can barely read a teleprompter which would be fine if he was dislexic or ESL, but he’s neither. Dumb and hard-headed != strong. Just means he’s is a rock and eventually everything will flow past him and leave him blubbering in the smoldering pile of his once strong country.

In my opinion.

#120 Do we have all the facts on 06.01.20 at 6:36 pm

Many Canadians were seduced by high ratio mortgages where you could purchase a $600,000 house for as little as $30,000 down and expect to see the market value of your house increase by $150,000 or more in five years.

Setting aside legal and real estate fees the net worth of a homeowner increased by $150,000 over five years on an investment of only $30,000. This represents an average annual rate of return of 38% per annum over five years. The temptation of free money was far too attractive to resist.

Everybody started watching what houses similar to their house were selling for and dreaming of way to spend their new found riches. Banks were only too willing to write up home equity loans based on the increased market value of housing. Many homeowners used equity in their homes to invest in a portfolio of assets to support their retirement.
It was good times all around with few storm clouds on the horizon.

Now that the Good Ship Lollypop has been steered onto the rocks by our government there is growing public opinion that the same government that contributed to the shipwreck will finance salvage operations and protect homeowners from potential losses. The logic behind this opinion seems to be based on the fact that past actions by the Government of Canada enticed homeowners to board the Good Ship Lollypop in the first place. As a result our government assumed an obligation to protect all passengers on board possible harm in the future.

Our current government seems prepared to use every monetary tool in their arsenal to avoid a substantial correction in average house prices. Having used this house of cards to inflate Canadian GDP they have become convinced that a substantial reduction in market value must be avoided.

Tax free capital gains in the good times and a financial goody bag from the government when times get tough.

No wonder home ownership is number one on the hit parade in Canada.

Stay tuned for further developments.

#121 Millennial905er on 06.01.20 at 6:39 pm

I legitimately laughed out loud at the privileged comment, seeing as my family lived in community housing before I was born, my dad died when I was 4, and my mom raised me and my siblings as a single mother (no life insurance, my dad didn’t believe in it). Hilarious. I have fought for, and earned everything I have in life.

I believe in meritocracy, and yes I hire people! … But only those who are deserving, qualified, and don’t have victim mentalities. No other criteria. I think T would be disqualified for the latter. Candace Owens is a great person to listen to on this point!

#122 mattbg on 06.01.20 at 6:44 pm

Not sure what to say about a real estate agent that didn’t understand the risks of real estate investing nor the terms of her financing and then has no shame in letting the world know about it by going to the media.

In a just world, she’d never work in real estate again. But we know that won’t happen because it’s all about marketing and milking your relationships.

#123 Flop... on 06.01.20 at 6:44 pm

#235 Lobster Man on 06.01.20 at 2:30 pm
#143, Flop:

Thanks for your reply.

I have relatives in Australia. They are retirees. And lately, they appeared to be in financial distress. I just wanted to find out the reasons behind such. They are very proud people, and they don’t usually ask for help.

I was in Whistler this past Feb. Yes, I have to keep reminding them to “Keep to the Left”.

Cheers,
LM

/////////////////////

Hey Lob, obviously everyone has their own story,but a lot of what ails Canada is also prevalent in Oz.

Australians are pickled in personal debt, last time I saw it was something like 180%, and housing in certain areas is detached from local wages and the Chinese get blamed.

I mentioned younger Australians were being warned about not raiding their superannuation funds to buy real estate, I’m sure older folks are doing it too, it’s just that the younger ones won’t have the benefit of compounding with time.

I think Australia is going to cut back on immigration and I think they want to rip up the Belt and Road deal with a China.

My Dad used to give me the Belt and Road deal when I used to play up…

M45BC

#124 W. Bilinsky on 06.01.20 at 6:46 pm

Canada, USA and other once-western countries: where parasitism is more common than paying your own way. Let it all burn – can’t stop it anyway – and see where everybody lands. Can’t stop it now, you all know that for a fact.

#125 Attrition on 06.01.20 at 6:47 pm

Not that anyone would care, but if Sail or other logically-minded legends like him were to go–forced off this blog by the warriors against free speech (defined as anything they don’t like)–I’d be right behind him.

Yeah I know, you wouldn’t care and would celebrate yet one more echo chamber that shuts out any and all opposing worldviews.

But these rest of us come here for the free speech, and we have no plan to let thought-police Marxists ruin it.

Time and time again, I’ve seen this happen to fine virtual spots like this. And I been at this forum/blog/newsgroup stuff for decades, long before there was a world wide web (yes, forums existed before the web did).

What always happens is this: neo-Marxists, as I’ve taken to pointing out lately, dog pile on the logical individualists who don’t give in to group think pressure.

They bother and bully and try to shame away those voices they prefer not to hear or think about, and what is left is a skeleton of a comments section that is dominated by hate spewing leftists.

If this isn’t allowed to happen, they become ever more viscous and attempt to ruin what they can’t control or dominate. It’s a tactic, well known and easy to spot.

Know your enemy, folks.

Makes them transparent and weak.

As I’ve said many times before, if you don’t like free speech, get off the web–or maybe stick to Twitter (while it lasts).

Enemies of free speech are like parasitic tumors–they need to be quickly identified, lanced, expunged, removed, popped, drained, burned and removed lest they kill the host.

#126 Ed McNeil on 06.01.20 at 6:50 pm

Several contributors mentioned the possible influx of Hong Kong citizens with Canadian citizenship. These folks have legal rights of return, but such an influx of people could’ be devastating to our society considering the current state of affairs in Canada.

#127 Md on 06.01.20 at 6:51 pm

The virus is crashing real estate values which has resulted in many MICs halting redemptions and may result in insolvency. Losses could be substantial enough to entirely wipe away years of income – or worse. Yup, additional properties coming to market.

May i ask WHERE?…. I haven’t seen any evidence of this in the GTA.

#128 Trumpocalypse2020 on 06.01.20 at 7:01 pm

The USA is about to implode. Starting tonight.

Military called in.

Curfews started 1 minute ago.

Good luck with that.

PREPARE.

#129 Still renting on 06.01.20 at 7:03 pm

T2 should hold an election right away, form a majority government so that bold steps can be taken in 3 months from now. Weather is good polling can be done staggered over couple months outside with at least 2 m distance between voters waiting in line to prevent COVID-19 from going out of control. How can we get this message to him?

#130 Sydneysider on 06.01.20 at 7:03 pm

On May 22 I predicted a total of 2656 (+/- 10) covid-19 cases by June 1 in BC, based on extrapolation of data from previous periods.

The official number announced today was 2597, or an increase of 90 cases since May 22 (representing a shortfall of one third compared with my prediction).

The conclusion is that the rate of new detected cases has *fallen* noticeably since the May 19 opening up began.

#131 Rents and Prices Rising on 06.01.20 at 7:04 pm

Despite the dire predictions, I can tell you on south Vancouver Island that neither prices nor rents have been falling. Quite the opposite. As the market was starting to heat up in February and March, prices were rising. Now that things have eased after a mere two months, those price expectations from sellers have not changed – and still lots of buyers on the sidelines now buying. First, all the low end sold because mortgage prices were close to rents. Now the high end is actually moving as well at asking price.

As for rents, rents have increased. The eviction moratorium has screwed up the market. The few rentals that were available were taken sight unseen at ridiculous rents because the ban only covered evictions notices from April 1 onwards. Lots of people moving from Alberta all of a sudden and lots of people trying to move. There has been no deluge of AirBnB rentals or underwater amateur landlords.

Given the 20 year history of the housing bull market, I am sadly resigned to the fact that there will be some bailout for over leveraged landlords in a few months when the deferrals run out. And there will be no 10% down payment requirement going forward. A nanny state has been created around housing and everyone expects to be bailed out by the government – because they have been in the past, and will likely be in the future.

As much as I want house prices and rents to soften, there will not be any in the immediate or near term future. The drivers of housing in BC will remain – international students will come back and put pressure on rentals in urban areas; immigration will be ramped up despite double digit unemployment because immigration and economic needs are completely divorced from one another; and banks will loosen credit once a hint of price declines emerge, just like the stress test was loosened from political pressure despite a supposedly independent OSFI.

The pandemic has not run long enough to make any meaningful changes. It has only gone on long enough to just make things wonky for a while.

#132 T on 06.01.20 at 7:06 pm

#121 Millennial905er on 06.01.20 at 6:39 pm
I legitimately laughed out loud at the privileged comment, seeing as my family lived in community housing before I was born, my dad died when I was 4, and my mom raised me and my siblings as a single mother (no life insurance, my dad didn’t believe in it). Hilarious. I have fought for, and earned everything I have in life.

I believe in meritocracy, and yes I hire people! … But only those who are deserving, qualified, and don’t have victim mentalities. No other criteria. I think T would be disqualified for the latter. Candace Owens is a great person to listen to on this point!

—————

Sincerely, I all to well understand and appreciate very humble beginnings and making something of yourself. But it doesn’t make you any less privileged, ignorant, and entitled, today.

#133 no blog for old men on 06.01.20 at 7:10 pm

@#125 Attrition on 06.01.20 at 6:47 pm

///////////////////////////

LOL

#134 YouKnowWho on 06.01.20 at 7:13 pm

Avg. detached in 416 is what? $1.3m now?

So let’s say it drops $400k to $900k.

Does the average 416 salary support that price? It is still 13x or so, right?

This makes sense? Especially with the unemployment situation? Or will this avg. price to avg. earnings ratio never normalize?

#135 Flop... on 06.01.20 at 7:14 pm

#47 David Pylyp on 06.01.20 at 3:19

The FREE Money Miracle;

Finance Minister @carolejames announces provincial action to “strengthen the federal commercial rent assistance program.” Small businesses whose eligible landlords do not apply for the assistance program will be protected from eviction by those landlords, James says #bcpoli says @BCTodayOfficial

If the entire country is on handouts, who is minding the treasury?

david pylyp
Virtual Open houses
Toronto ON

//////////////////

If I had lots of money, I would by David Pylyp a vowel…

M45BC

#136 YouKnowWho on 06.01.20 at 7:17 pm

Yeah, T.O. average family income is $80k. So even if the avg. house $1.3m drops $400k to $900k, that’s still more than 11x. And you know that average family income will take a decent hit too in this mess.

So let’s say 13x @ 900k level. Still too much, right?

#137 YouKnowWho on 06.01.20 at 7:20 pm

https://www.blogto.com/real-estate-toronto/2019/05/you-now-need-160k-salary-buy-house-toronto/

It says to afford $900k in T.O. one needs 160k income (2x$80 average). Funny.

So what Garth…this has to go down 60%?

#138 Lost...but not leased on 06.01.20 at 7:24 pm

Just watched MSM news..

Looks like Trump has invoked what amounts to MARTIAL LAW.

#139 Camille on 06.01.20 at 7:32 pm

I have the most respect for Garth and mostly enjoy reading his blog. His comments on condos are probably true, though one should not read more into them (its his abilities to write that lead you to that). Condos get old, need repairs, nothing new there, and they are a lower tier of ownership. As far as owning to rent…..
Not reading more led me to view his video – MP tv (in these virus days I guess you can see he was ahead of his time. Its great to watch. But Garth, its was out there, were you surprised about how things worked out, and the Capitalist box or game? Hahaha, its all so wild! Do you regret?

#140 Ponzius Pilatus on 06.01.20 at 7:32 pm

126 Ed McNeil on 06.01.20 at 6:50 pm
Several contributors mentioned the possible influx of Hong Kong citizens with Canadian citizenship. These folks have legal rights of return, but such an influx of people could’ be devastating to our society considering the current state of affairs in Canada.
——————————————-
What do you mean?
My partner’s sister and her family are moving from Hongkong to Vancouver, because of the situation there.
They are professionals, speaking perfect English and would be a tremendous asset to Canada.

#141 Lost....but not leased on 06.01.20 at 7:33 pm

Yessir..

…….our future is in great hands…free speech…respect for contrarian views…THANKS MILLENIALS and anti “fascists” and enemies of “dictators”

….what could go wrong ??

(OMG)

https://www.youtube.com/watch?v=2v-holCpbTQ

#142 rknusa on 06.01.20 at 7:33 pm

re: On a call with analysts last week CMHC’s head economics guys had this warning: “Something has to happen to avoid having these deferrals escalate into foreclosure.”

sounds to me like a cry for help

$$$$ for a bailout by Justin of homeowners

#143 WEXIT on 06.01.20 at 7:34 pm

For people been harsh on that mortgage breaker REALTOR.

Try to keep in mind, for anyone having difficulties.

The government made the choice to shut down the economy. If any huge blame goes on anyone, it should be the government.

#144 Paul on 06.01.20 at 7:35 pm

#138 Lost…but not leased on 06.01.20 at 7:24 pm
Just watched MSM news..

Looks like Trump has invoked what amounts to MARTIAL LAW.
————————————————————————————————
About time, stop it before the whole place burns down.

#145 Juve101 on 06.01.20 at 7:38 pm

By Jove Garth, you sound like a biblical prophet today, scourging your disciples with scorpions.

Careful. I’m in a smiting mood. – Garth

#146 Elvis Paisley on 06.01.20 at 7:42 pm

JT has committed himself thus far to saving every sinking ship. He is even extending help to ships that aren’t even sinking.
I have a hard time believing that JT will let RE investors sink into the frigid waters without at least throwing them a life preserver. Unfortunately, these days Canada is far from approaching a system that is balanced–where taking risks has consequences that sometimes have to be absorbed. It will be taxpayers (that is, those who actually work) who will be penalized.

#147 Sail Away on 06.01.20 at 7:43 pm

#125 Attrition on 06.01.20 at 6:47 pm

Not that anyone would care, but if Sail or other logically-minded legends like him were to go–forced off this blog by the warriors against free speech (defined as anything they don’t like)–I’d be right behind him.

————–

Haha, no chance of that. This place is too much fun. It’s my Disneyland.

Thanks for the support! And likewise.

#148 not 1st on 06.01.20 at 7:48 pm

DELETED

#149 Abolitionist on 06.01.20 at 7:49 pm

#125 Attrition – you nailed it.

Group-thinking double speak marxists are detracting from the thoughtful exchange of information and ideas here.

My thanks to Garth for his fine work and for continuing to host this forum.

#150 Howard on 06.01.20 at 7:51 pm

Bachelor condo in Yorkville.
Originally listed for $499K. No takers.
Reduced to $399K hoping for a bidding war. No takers.
Price just changed to…$539K.

https://www.bungol.ca/map/43.670459&-79.392464&16?listing=155-yorkville-avenue-toronto-c4768747-4118485

#151 Sail Away on 06.01.20 at 7:52 pm

#132 T on 06.01.20 at 7:06 pm
#121 Millennial905er on 06.01.20 at 6:39 pm
I legitimately laughed out loud at the privileged comment, seeing as my family lived in community housing before I was born, my dad died when I was 4, and my mom raised me and my siblings as a single mother (no life insurance, my dad didn’t believe in it). Hilarious. I have fought for, and earned everything I have in life.

I believe in meritocracy, and yes I hire people! … But only those who are deserving, qualified, and don’t have victim mentalities. No other criteria. I think T would be disqualified for the latter. Candace Owens is a great person to listen to on this point!

————–

Sincerely, I all to well understand and appreciate very humble beginnings and making something of yourself. But it doesn’t make you any less privileged, ignorant, and entitled, today.

————–

Do you understand there should be another “o” in “too” , genius?

#152 kingston boy on 06.01.20 at 7:55 pm

@#144 Paul on 06.01.20 at 7:35 pm
#138 Lost…but not leased on 06.01.20 at 7:24 pm
Just watched MSM news..

Looks like Trump has invoked what amounts to MARTIAL LAW.
————————————————————————————————
About time, stop it before the whole place burns down.

nah, let it burn.
hopefully a better place will rise from the ashes.

#153 Ed McNeil on 06.01.20 at 7:56 pm

#140 Ponzius Pilatus
I certainly am not dissing the Canadians in Hong Kong. If they are Canadian citizens they have a right to come to Canada. What I am saying is a sudden influx of possibly 300,000 people is very difficult to try and settle in these trying times.

#154 Howard on 06.01.20 at 7:58 pm

#142 rknusa on 06.01.20 at 7:33 pm
re: On a call with analysts last week CMHC’s head economics guys had this warning: “Something has to happen to avoid having these deferrals escalate into foreclosure.”

sounds to me like a cry for help

$$$$ for a bailout by Justin of homeowners

—————————————-

Exactly my reaction. I mean, what else could it be that they think must “happen” to avoid this scenario?

If Justin bails out (predominantly) Boomers and Xers who overleveraged themselves and Millennials STILL vote Liberal next election, then they deserve their housing woes.

#155 Sail Away on 06.01.20 at 7:59 pm

#119 Faron on 06.01.20 at 6:33 pm

———–

Nope, I’m not defending Trump, just saying that taking cover in a bunker when threatened does not make a leader weak or incapable of leading.

#156 IHCTD9 on 06.01.20 at 8:01 pm

#6 Ponzius Pilatus on 06.01.20 at 12:58 pm
#2 Ace Goodheart on 06.01.20 at 12:48 pm
Re: “If even a small slice of the can’t-pay-won’t-pay people end up walking away from their houses”

Not possible in Ontario. This Province is not conductive to “jingle mail”.

Walking away from a house with no equity in it, in our sunny Province results in about 40K in legal fees (yes, the bank will sue you and yes, they will win. The cases are predictable and the awards are pretty much standard).
————–
The Bank won’t bother suing.
No judge will side with the big fat banks.
Particulary, in these times.
——

Full recourse mortgages in Ontario Ponzie. The banks don’t need a judge to take you to the cleaners here.

#157 Howard on 06.01.20 at 8:05 pm

#126 Ed McNeil on 06.01.20 at 6:50 pm
Several contributors mentioned the possible influx of Hong Kong citizens with Canadian citizenship. These folks have legal rights of return, but such an influx of people could’ be devastating to our society considering the current state of affairs in Canada.

———————————

Do you know how big of an income hit they’d have to endure moving to a 3rd world branch plant economy like Canada? Yes some of these people are independently wealthy but not all. Some will actually have to get jobs in Canada.

Let’s see how many want to move after looking at average Canadian wages, and after subsequently picking themselves off the floor in hysterical laughter.

#158 T on 06.01.20 at 8:09 pm

#125 Attrition on 06.01.20 at 6:47 pm
Not that anyone would care, but if Sail or other logically-minded legends like him were to go–forced off this blog by the warriors against free speech (defined as anything they don’t like)–I’d be right behind him.

————

Free speech or just plain outright trolling and ignorance?

————

#61 Sail Away on 06.01.20 at 3:56 pm
I am busily protesting perceived (by me) injustices against Congolese dik diks. Thinking about rioting for more impact.

This must end! Who’s with me?

—————

If this is the kind of language and forward thinking, intelligent, productive conversation you come to a financial blog and phenomenal resource for?

What a waste. And if you take a moment to think about the racial undertones of the comment, outright disgusting.

Lots of value in this comment as well.

————

#71 Attrition on 06.01.20 at 4:19 pm
Ah, the Karen meme.

If you think anti-white racism isn’t a real thing, and isn’t sanctioned by mainstream media, give this a read.

It’s on CNN, so is censor and site safe:

https://www.cnn.com/2020/05/30/us/karen-meme-trnd/index.html

Imagine how this meme would ignite racial tensions if it wasn’t a meme about Caucasian women.

But it’s ok, because…?

—————

It’s okay because it’s not just a meme against Caucasian women. It’s a meme on all ignorant and entitled, Karen.

#159 Bytor the Snow Dog on 06.01.20 at 8:10 pm

#87 Faron on 06.01.20 at 5:11 pm sez:
“#65 James on 06.01.20 at 4:03 pm

“Who pays the exorbitant strata fees and who will pay for the insurance? If you can get it!”

I’m sure a REIT would be happy to scoop up whole buildings to add to the portfolio. During the GFC, property management outfits scooped up many distressed home sales in the US. I’m reckon they will be in the mix here too once prices are low enough to help the business cases.”
—————————————————-
This is something the Keep Your Rent losers don’t get. All of the smaller landlords will be forced out and the big outfits will snap these properties up. This large outfits have the resources and technology and will credit check and thoroughly vet everybody.

Good luck living in your tent or back in mom’s basement idgits.

#160 VicPaul on 06.01.20 at 8:13 pm

That there looks like Bytor the Snow Dog!

Apparently, livin’ up to his name!

M56BC

#161 IHCTD9 on 06.01.20 at 8:14 pm

#15 Ponzius Pilatus on 06.01.20 at 1:22 pm
#8 Lake lover
Great post.
Never understand why people don’t buy cancelation insurance. IHTC, still stuck with your tickets?
——

Yep.

I wish we had a leader like Trump who made US airlines provide refunds as an option. EU made refunds mandatory as well.

Alas, we got Trudeau, all lose, no win.

#162 Headhunter on 06.01.20 at 8:15 pm

#114 Brian Ripley on 06.01.20 at 6:12 pm
THANK YOU #89 T on 06.01.20 at 5:11 pm FOR SPEAKING UP.

I have noticed the Trump fanboys in this comments section have almost dried up and or shut up over the last month or two

____________________________

Haha DJT best President ever. He cares for his people. Reason his supporters lay low.. the “silent majority” who will vote him back in this fall.. they lay low cause

They are tired of trying to reason with the likes of you.

Ok he’s a (insert dislike here) What policies of DJT for Americans that you do not like? For Americans not Canadians.. not the free world.. He puts America 1st. Please I’d love to hear.

#163 Bytor the Snow Dog on 06.01.20 at 8:15 pm

#89 T on 06.01.20 at 5:11 pm bleats:

“I see you have a reading comprehension challenge.

Let me make it very clear for you.

Looking down upon others whom are just trying to get ahead in life, while propping yourself up as all knowing, bragging about your stable high income, especially during times like these, while openly displaying your support for a failed openly racist narcissist leader, is a very open display of privilege.

Also, she obviously has no empathy for others, it’s all about her and how well she is doing compared to others.

You should act in-like with your moniker and sail away. You don’t add any value here. Frankly, I find you to be a troll.”
————————————————-

You forgot to add the proper letters to your screen name “T”. You need a “D” and an “S”.

BTW you’re right. Trudeau IS openly racist. The blackface proves it.

#164 Viorelli on 06.01.20 at 8:28 pm

Do you know where there will be no social unrest and riots? As much as I hate the commies, Russia and China will see none of that as in those places social order comes before human rights. The protesters will be machine gunned on the streets and with tanks over their dead bodies, remember Tiananmen square? Not much has changed since, business as usual but with a global slave labor trade policy. Some countries in SA, Japan, Israel, New Zealand, and Australia may be ok too mostly due to their culture, isolated locations, or certain immigration policies. But much of the world is on the brink! When a loaf of bread will go for $10 CAD, and it is not made out of the real wheat, you know the trouble will not be far behind, UBI will only get you food scraps and a tiny bedroom in a social housing. The red October number 2.

#165 Howard on 06.01.20 at 8:29 pm

#9 Ponzius Pilatus on 06.01.20 at 1:10 pm
My partner, many of our friends, are working fewer hours due to the virus.
Most of them love it.
Raising your own kids, what a concept.

————————————

Too messy for leftists. Far better to take the CCB welfare cheques and hand them to a unionized daycare worker to raise your kids for you.

#166 Bytor the Snow Dog on 06.01.20 at 8:34 pm

@125 Attrition:

Beautiful post. Just beautiful.

#167 TurnerNation on 06.01.20 at 8:34 pm

Ontario extends lockdown another month. “Open for business” right.
Who is feeding the province this script? Are the globalists ramping up the protestors who will now destroy more small business store fronts? Need I ask.
Only the most mentally unwell and deluded support this lockdown now. Let’s hear from you. I’m keeping a list.

#168 Genesis II on 06.01.20 at 8:39 pm

Given the inevitable RE collapse in Canada, and the associated financial mess that will follow in contagion (a reasonable prediction), is anyone here sophisticated enough to know how to short this?
I’m not comfortable with shorting the Big 5 banks (as they pay a juicy dividend), but there must be some collateral damage in other publically traded entities out there.

Anyone have any ideas?

#169 Audrey's World on 06.01.20 at 8:48 pm

On the bright side, the extra time spent at home during this pandemic allows me…at my leisure… to read the entire comment section….fascinating haha

#170 Nonplused on 06.01.20 at 8:49 pm

So the situation we are looking at is $300 billion more government debt and everyone still goes broke?

I think I could have predicted that. Government “stimulus” doesn’t “stimulate” anything, because the government doesn’t have any money. They either have to borrow it (deflationary) or print it (inflationary) but either way it has to come from the labor of the people.

————————

#40 ElGatoNerodeYVR on 06.01.20 at 3:02 pm

“Over 5 years it is only 6k annually per year.”

Considering that over 50% of those tax payers make less than $62,000/year squeezing another $6,000 a year out of them will be quite a challenge. And I don’t think the emergency measures magically disappear by the end of the year. It’ll be another $200 billion for 2021.

The fact is the debt will never be repaid. The money to do so simply doesn’t exist. A wealth tax wouldn’t even work because wealth is mostly notional and doesn’t turn into cash until it is sold. Who will do the buying?

#171 Nonplused on 06.01.20 at 8:55 pm

#138 Lost…but not leased on 06.01.20 at 7:24 pm
Just watched MSM news..

Looks like Trump has invoked what amounts to MARTIAL LAW.

———————

First of all it is hazardous to your health to watch the MSM. Second, yes Trump has invoked the “insurrection act” but I don’t know what people expected once the cities all started burning.

And now we have dumbass celebrities trying to raise money to bail out the rioters. Look, if someone burns down a building they should be in jail. But yet the celebrities are not raising money to assist the small business owners who just lost everything, many of whom are themselves minorities. People are dumb.

#172 Billion Dollar Whale on 06.01.20 at 8:58 pm

Garth, if real estate detached from incomes long ago what makes you think half of all employment in Canada being abolished will affect real estate values? There is a lot of printed money looking for a home, literally. BC #1 Choice.

#173 Nonplused on 06.01.20 at 8:58 pm

#129 Still renting on 06.01.20 at 7:03 pm
T2 should hold an election right away, form a majority government so that bold steps can be taken in 3 months from now.

——————

The steps taken so far don’t seem bold enough? I can’t possibly imagine what further could be done.

#174 crossbordershopper on 06.01.20 at 9:00 pm

you are over simplifying HY Debt, its ok most Canadians don’t know anything about them. Since like a muni market a high yield debt market doesn’t exist here.
loaning someone with 4 times there income to purchase an asset(home) is not necessarily a high risk, its risk assessment that needs to be made. The search for yield is the key when you are retired or pension plans or insurance companies, I can create a different yield mechanism using options that are secured, but here is not the place to discuss them.
The search for yield via pref shares or dividend paying stocks is what most people strive for, they are not secure or assured but its all about risk assessment and diversification and investing prudently. I have both borrowed and lent money at 20%, and I was good on both ends so that’s the key.
evaluate credit risk and take your risk but to generalize that 2nd mortgages are all bad is not right

#175 1255 on 06.01.20 at 9:02 pm

Well you’re on fire tonight Garth!

#176 Fused on 06.01.20 at 9:03 pm

Tim123

Great post, she did well and seems a bit greedy and short sighted to air her grievance over 30k which she should have been well aware of. I guess she was maybe trying to shame the banks into giving into her, being a poor single mom theme.
Do not forget that she was able to pull in a possible 4k/mth over that period of ownership also.

#177 David Wq23 on 06.01.20 at 9:03 pm

Question is, where will ppl vacate to, tents? People still need to live somewhere. Sure, some froth in Toronto and Vancouver may disappear, but in the end, people need a roof over their heads.

#178 BCWally on 06.01.20 at 9:08 pm

Yeah, I saw the article in the CBC as well about the Realtor with a 30K bill because of lower interest rates versus her fixed rate. That will become common unfortunately if housing does collapse.
I have to side with the CMHC boss, I’m feeling a deep panic coming on as well. That institution has the best data available on housing and buyer/lender risk and if they are calling for a disaster we should listen.
I’m just wondering on further assistance for people from the feds, at what point does the federal government run out of willing lenders? Especially with a falling currency value? Maybe you could help us out Garth to determine that with a blog post?
Granted, tough question to answer but if you can do it that would be helpful to people.

#179 Slow Canada on 06.01.20 at 9:09 pm

Love ya, Garth.

#180 Re-Cowtown on 06.01.20 at 9:11 pm

#108 Lost…but not leased on 06.01.20 at 5:55 pm

#92 Re-Cowtown on 06.01.20 at 5:13 pm
#5 Ponzius Pilatus on 06.01.20 at 12:54 pm

========================
Sigh…

I do respect the majority of the posters here….

Sad when they just don’t get it on the lynchpins of modern history.

Even sadder is , as we speak…we are at THE most crucial turning point in all of history which goes back thousands of years…

Many of us knew “it” was coming soon…the only question left was just would we experience and witness this in our lifetimes , as we speak ???

IMHO….the answer is YES

+++++++++++++++++++++++++++++++++

You’re watching a Reality TV show, a joint CNN/Antifa production. Nothing more. If you think that this will be a “defining moment in history” you’ll be disappointed.

The only thing you may witness is the spanking and putting to bed of a bunch of spoiled over-privileged Antifa brats.

#181 Flop... on 06.01.20 at 9:12 pm

For those on the Westcoast that want a different perspective on what’s happening in the states, with live helicopter shots, may I recommend KTLA.

They try to stay away from the political axe grinding and just show what’s going on.

Forget about high-end looting.

They are looting Dollar Stores.

Channel 65…

M45BC

#182 T on 06.01.20 at 9:23 pm

T,
You’re a sanctimonius twat, and I’d wager a through and through loser.
There, some name calling back at you, na-na-na-na-boo-boo.

#183 T on 06.01.20 at 9:27 pm

#163 Bytor the Snow Dog on 06.01.20 at 8:15 pm
#89 T on 06.01.20 at 5:11 pm bleats:

“I see you have a reading comprehension challenge.

Let me make it very clear for you.

Looking down upon others whom are just trying to get ahead in life, while propping yourself up as all knowing, bragging about your stable high income, especially during times like these, while openly displaying your support for a failed openly racist narcissist leader, is a very open display of privilege.

Also, she obviously has no empathy for others, it’s all about her and how well she is doing compared to others.

You should act in-like with your moniker and sail away. You don’t add any value here. Frankly, I find you to be a troll.”
————————————————-

You forgot to add the proper letters to your screen name “T”. You need a “D” and an “S”.

BTW you’re right. Trudeau IS openly racist. The blackface proves it.
————

Sorry, who was talking to you and what value did you add with this message?

#184 conan on 06.01.20 at 9:34 pm

#5 Ponzius Pilatus on 06.01.20 at 12:54 pm

Yet another stunningly stupid move, right up there with the killing of Soleimani. Just like the the missile hit it will be met with deafening silence. Most people are too uninformed to have an opinion, but a few, understand what is going on, and they are keeping quiet for their own reasons.

Imagine not being being able to do anything about Nazis, because you will be labeled a terrorist. Blows my mind.

#185 Lobster Man on 06.01.20 at 9:46 pm

#123 Flop

Hi Flop,

You are right about the consumer debt situation in Australia. It’s mostly due to Government policies. From what I understand, one can even “invest” directly in real estates within one’s superannuation plan. And where else would a government dream up and implement something called “negative gearing”?

I hate to say it, as I know you are in the house-building/trade business. But the housing situation in Australia (and similarly in Canada) has all been due to house-building lobbyists.

Now, the hurt is going to be deep and wide.

LM

#186 T on 06.01.20 at 9:51 pm

#182 T on 06.01.20 at 9:23 pm
T,
You’re a sanctimonius twat, and I’d wager a through and through loser.
There, some name calling back at you, na-na-na-na-boo-boo.

————

It’s spelt sanctimonious.

I just call it like I see it. Sometimes there are posters here who need serious reality checks. Someone has to stand up against the rabid dogs.

#187 Attrition on 06.01.20 at 9:52 pm


#158 T on 06.01.20 at 8:09 pm
It’s okay because it’s not just a meme against Caucasian women. It’s a meme on all ignorant and entitled, Karen.

Huh.

From the article:

“…the stereotype of a middle-aged, middle class white woman who, to use Sun’s words, acts like she “can get whatever she wants.””

You gotta read stuff, son.

#188 IHCTD9 on 06.01.20 at 9:56 pm

#162 Headhunter on 06.01.20 at 8:15 pm
#114 Brian Ripley on 06.01.20 at 6:12 pm
THANK YOU #89 T on 06.01.20 at 5:11 pm FOR SPEAKING UP.

I have noticed the Trump fanboys in this comments section have almost dried up and or shut up over the last month or two

____________________________

Haha DJT best President ever. He cares for his people. Reason his supporters lay low.. the “silent majority” who will vote him back in this fall.. they lay low cause

They are tired of trying to reason with the likes of you.

Ok he’s a (insert dislike here) What policies of DJT for Americans that you do not like? For Americans not Canadians.. not the free world.. He puts America 1st. Please I’d love to hear.
—-

Don’t waste your time with Ripley, his synapses apparently quit firing a long time ago.

He probably possesses the most insane political ideology on this blog.

#189 T on 06.01.20 at 9:59 pm

*it’s spelled

Auto-correct and a rush strikes again.

#190 Ricochet Rick on 06.01.20 at 9:59 pm

#8 Lake Lover on 06.01.20 at 1:05 pm

Not so fast Lake Lover. You will be affected by the very people that you describe, one way or another; it is the inescapable truth. You will end up paying for their follies, thru higher taxes and/or reduced services to cover their bad decisions and subsequent losses.

Repeat after me… “We are all in this together… Whether you like it or not! ” As you saw last fall, there is no place for accountability, personal responsibility and the #PPC in this country!

#191 Moh on 06.01.20 at 10:02 pm

Hey Garth, love you man but why the heck am I seeing semis around Mississauga Road for 970k? If the prices drop all the vultures will pick it up for 850k but that is still very expensive.

#192 Ronaldo on 06.01.20 at 10:03 pm

#2 Ace Goodheart

Walking away from a house with no equity in it, in our sunny Province results in about 40K in legal fees (yes, the bank will sue you and yes, they will win. The cases are predictable and the awards are pretty much standard).
——————————————————————-
Only if they have other assets. Those with no money who were financed by bank of Ma and Pa will simply declare bankruptcy. Can’t get blood from a stone.

#193 DON on 06.01.20 at 10:13 pm

#74 Ponzius Pilatus on 06.01.20 at 4:22 pm

#51
If you’re talking about the Lower Mainland, I have to agree.
****************

On the point about HK fueling the Lower Mainland…hasn’t that been happening for approx 20 years.

HK property values were dropping pre-pandemic and now with China’s iron fist approach, the US is selling their real estate in Hong Kong. I expect Hong Kong prices to go down due to the Chinese take over of the property and folks who inhabit Hong Kong.

Besides it is local resident’s (much like that realtor) who have bought beyond their means. That will affect the market more.

#194 YVR Renter on 06.01.20 at 10:16 pm

#8 Lake Lover – Hear Hear!!!
You are bang on. We live within our means, saw it was ridiculous to take on a massive mortgage to own a home in Crazycouver when transferred here in the 2016 feeding frenzy. We ducked the piranhas. So no fricking way do we have any sympathy for people who greedily (or senselessly) over-leveraged. George Carlin said people are stupid, and half of them are stupider than the rest. And if the government bails them out, it is completely unfair to those of us who live sensibly and played by the rules. We would have loved a home of our own too, but we rent. And keep negotiating the rents down, as we are good tenants. You bought it, you own it, your problem, not mine. No pogey’s been coming our way either.

#195 crowdedelevatorfartz on 06.01.20 at 10:19 pm

@#125 Attrition
“Enemies of free speech are like parasitic tumors–they need to be quickly identified, lanced, expunged, removed, popped, drained, burned and removed lest they kill the host.”
++++
While I totally agree with what you say.
You forgot one other option.

The blissful non political silence of a smelly crowded elevator ride.

#196 Ronaldo on 06.01.20 at 10:19 pm

#45 Captain Uppa on 06.01.20 at 3:10 pm
Feels like Groundhog Day.
—————————————————————–
Oh really, did the PM come out of his burrow?

#197 Ronaldo on 06.01.20 at 10:29 pm

#70 Ponzius Pilatus on 06.01.20 at 4:17 pm
The Prez hides in bunker in the White House.
And calls the Governors “weak”.
Can’t make this up.
———————————————————–
Can’t make this up. Watch.

https://www.youtube.com/watch?reload=9&v=5ShnqmiKLE8

#198 Herb on 06.01.20 at 10:40 pm

“This has only begun.” – Garth

Yes. Now someone tell me why it has begun at all.

We’ve been bombarded with predictions of pandemic death and illness, we’ve heard the human interest stories, we’re living with the counter-measures, and don’t know how we’re going to recover. Now let’s get some meaning out of the statistics bandied about by governments and media.

Deaths by Covid-19 are the reason for this crisis, so let’s put them in perspective. Here are the global deaths by Coronavirus to 1 June 2020, compared to deaths by other causes, extrapolated to-day from https://www.worldometers.info/

5,413,149 deaths by communicable diseases
3,424,645 by cancer
2,084,509 by smoking
1,042,912 by alcohol
700,973 by HIV/AIDS
447,150 by suicide
374,233 by Coronavirus
203,089 by seasonal flu

What’s wrong with this picture?

#199 Surreal on 06.01.20 at 10:46 pm

Went to the hospital today to visit my mother-in-law. Only allowed because the doctors don’t think she has much time. They made us put on gowns, masks, face shields, and gloves, along with lots of hand sanitizer. Staff there to assist with every step. Even though there has been no mention that my mother-in-law might have covid, it really felt like they were protecting us more so than her. Seriously we were dressed up as if we were going into a lab.

She is 84 and has been in deteriorating condition for some time, so it is not completely surprising. She is 84, was a lifetime smoker, has cancer just about everywhere, and now pneumonia. She fell and broke her hip a few years back and for me that is usually a sign the end is within a few years, so we are right on schedule. But it is so sad to see. She is just a wafer of herself of just 3 months ago. I have a feeling that she will be in heaven within a day or two. Might get the news tomorrow morning. They (the nurses) are telling other relatives who want to visit to “hurry up”.

But how do you organize a funeral during covid? I know her wish is to be cremated and then the ashes interned in her home province (which can wait) but how do you have a service? I’m going to suggest we do it outside I guess.

Will she be counted as a covid death? She did come out of a nursing home. But so far as I know she hasn’t been tested, or if she has they did not make the results known to us, just made us put on all this equipment, like a doctor would for surgery. It’s something that i have never experienced before. Made a trip to Costco seem pretty normal by comparison.

#200 DON on 06.01.20 at 10:50 pm

#125 Attrition on 06.01.20 at 6:47 pm

Not that anyone would care, but if Sail or other logically-minded legends like him were to go–forced off this blog by the warriors against free speech (defined as anything they don’t like)–I’d be right behind him.

*******************

I think it is more about the manner and context in which comments are made (showman ship) rather than the warriors against free speech.

The premise of this blog is Free Speech as long as you are respectful, and can back up your argument(s) (logic included). Yes there are anti free speech trolls that briefly visit this site but by the time they run the gauntlet of blog dogs they take a hike.

Trump gave a coherent speech on Friday, well polished and convincing with all its twists and turns.

Who the hell picked Biden to run. Trump will exploit his weaknesses. They should have chosen a different candidate with no skeletons.

#201 meslippery on 06.01.20 at 10:56 pm

#2 Ace Goodheart(yes, the bank will sue you and yes, they will win. The cases are predictable and the awards are pretty much standard).

————–
Sure but blood from a stone.
Waste your time and money.
Nothing here to recover.

#202 not 1st on 06.01.20 at 11:00 pm

Its not a blow out yet Garth.

http://angusreid.org/federal-politics-june2020/

Trudeau pledged $25B back in August last year flying around the country before the election and people forgot that pretty fast and handed him a minority.

$300B might not make a difference either when the chips are down. And the CPC doesn’t even have a leader yet.

#203 T on 06.01.20 at 11:05 pm

#151 Sail Away on 06.01.20 at 7:52 pm
#132 T on 06.01.20 at 7:06 pm
#121 Millennial905er on 06.01.20 at 6:39 pm
I legitimately laughed out loud at the privileged comment, seeing as my family lived in community housing before I was born, my dad died when I was 4, and my mom raised me and my siblings as a single mother (no life insurance, my dad didn’t believe in it). Hilarious. I have fought for, and earned everything I have in life.

I believe in meritocracy, and yes I hire people! … But only those who are deserving, qualified, and don’t have victim mentalities. No other criteria. I think T would be disqualified for the latter. Candace Owens is a great person to listen to on this point!

————–

Sincerely, I all to well understand and appreciate very humble beginnings and making something of yourself. But it doesn’t make you any less privileged, ignorant, and entitled, today.

————–

Do you understand there should be another “o” in “too” , genius?

—————

Good catch. I’m a bit pre-occupied from this afternoon on dealing with a crisis situation developing to new levels all around me to double check what I’m writing.

After Trump’s antics today sentiment has become even worse, which will only lead to further destruction.

Besides. If you’re using a missing ‘o’ as somehow an example of less intelligence, on an anonymous blog, then you really are a troll with far too much time on your hands.

Go. Sail. Away.

#204 DON on 06.01.20 at 11:07 pm

#169 Audrey’s World on 06.01.20 at 8:48 pm

On the bright side, the extra time spent at home during this pandemic allows me…at my leisure… to read the entire comment section….fascinating haha

***************

Careful…you may turn to stone.

#205 DON on 06.01.20 at 11:17 pm

#172 Billion Dollar Whale on 06.01.20 at 8:58 pm

Garth, if real estate detached from incomes long ago what makes you think half of all employment in Canada being abolished will affect real estate values? There is a lot of printed money looking for a home, literally. BC #1 Choice.
****************

Vancouver real estate has been slowing falling for a while now. Locals job losses and over leveraged home owners and investors. Buyers still priced out! How long does it take to pay of a $1 000 000 average house on two average salaries without yearly house value appreciation.

#206 Nonplused on 06.01.20 at 11:31 pm

My mind keeps ruminating on how this is all going to go down. An analogy came to mind (for whatever good those are). Imagine a farmer has the grain in the bin and then a tornado comes through and smashes the bin and destroys the crop and also takes out the barn. He has no insurance. This is the situation we find ourselves in.

The government is trying to act like they have the insurance and thus have your backs, but they have no money so that can’t work long term. All they have is cash. Cash is not money. Cash is a unit of exchange, not a store of value.

#207 Nonplused on 06.01.20 at 11:43 pm

#181 Flop… on 06.01.20 at 9:12 pm
For those on the Westcoast that want a different perspective on what’s happening in the states, with live helicopter shots, may I recommend KTLA.

They try to stay away from the political axe grinding and just show what’s going on.

Forget about high-end looting.

They are looting Dollar Stores.

Channel 65…

M45BC

———————-

Dollar stores have food. And Rolex’s have serial numbers, and every sale is traced. A fancy watch you can’t sell is of not much more use than the cheap watch you already have, whereas food might be important. Also not on the looter’s list, Apple products (all traced), Teslas, etc. They are stealing stuff for personal consumption. And then burning the store to cover their tracks.

#208 John on 06.02.20 at 12:19 am

If these greedy people are bailed out, they will never learn their lesson. Should the prudent taxpayers pay for these greedy people’s choices?

#209 Flail Away on 06.02.20 at 12:22 am

#147 “This place is too much fun. It’s my Disneyland.”

Maybe you need:
1. To get out more
2. A more productive hobby because you have too much idle time
3, To visit Disneyland so you have a better understanding of fun
4. To step away from the keyboard and take a deep breath

You sound like a fun guy (insert eye roll here).

#210 Faron on 06.02.20 at 12:29 am

#155 Sail Away on 06.01.20 at 7:59 pm

Fair enough. And true.

#211 Ponzius Pilatus on 06.02.20 at 12:36 am

Sailo is the Energizer Bunny of Trolls.

#212 Ponzius Pilatus on 06.02.20 at 1:06 am

#184 conan on 06.01.20 at 9:34 pm
#5 Ponzius Pilatus on 06.01.20 at 12:54 pm

Yet another stunningly stupid move, right up there with the killing of Soleimani. Just like the the missile hit it will be met with deafening silence. Most people are too uninformed to have an opinion, but a few, understand what is going on, and they are keeping quiet for their own reasons.

Imagine not being being able to do anything about Nazis, because you will be labeled a terrorist. Blows my mind.
————-
You are making a good point.
That’s how the Nazis came to power. Their “Fuehrer” played the Bolshewik card, and the rest is history.

#213 Gent Cull on 06.02.20 at 1:15 am

DELETED

#214 Tim123 on 06.02.20 at 1:31 am

#176 Fused

Tim123
Great post, she did well and seems a bit greedy and short sighted to air her grievance over 30k which she should have been well aware of. I guess she was maybe trying to shame the banks into giving into her, being a poor single mom theme.
Do not forget that she was able to pull in a possible 4k/mth over that period of ownership also.

=================================

I have to agree with you that she wants to try and get the $30K penalty reduced from TD Bank. The house purchase and the sale worked out for her this time but, she almost ended up in financial ruins.
I hope she learned her lesson that over leveraging yourself is the way to financial ruin.
I took a look at my numbers and the $378,000 profit that she made is probably considerably less because of property taxes and all of the other expenses with a house. If she had a bigger down payment (larger than the $31K down payment for 5%) then that would have also reduced her profit too.
I suspect there are many other people out there that are over leveraged and perhaps on the edge of financial ruin but they do not realize it yet.
The Coronavirus pandemic has scared people into altering their actions so a lot of the jobs are not going to come back to 40 hours a week because of it.
Just a few jobs that will take a hit are: Oil and Gas industry, Real Estate, Construction, Auto Industry, Aerospace, Tourism, Restaurants, Hotels, Conventions, Meetings, Airlines, Trains, Buses, Transit, Banking (yes, even they will be cutting back), auto mechanics (less driving), casinos, physiotherapists, massage therapists, hair salons, chiropractors, universities, colleges, even some technology companies because most companies are cutting back to conserve cash because it could be a couple years at the earliest until a vaccine is found, manufactured and distributed.

#215 Faron on 06.02.20 at 1:34 am

#125 Attrition on 06.01.20 at 6:47 pm

Can you please disclose for us what invisible leftist force is keeping you from typing and submitting a post here? And can you further outline why it is that when the ratio of right wing wind bags to left wing wind bags gets down to 3:1 people like you start to complain and ask for us to be silenced somehow in the name of free speech?

Don’t waste your time composing complaints about the political make up of the internet. Use it formulate your arguments. Us leftist moths are drawn to your luminous garbage fire. At least make the smoke potent enough to make us pause and consider.

#216 the Jaguar on 06.02.20 at 2:28 am

Here’s the link for the ‘Report a Cheat’ program with Canada Revenue Agency. Bring on the Venganza Extravaganza.

https://www.canada.ca/en/revenue-agency/programs/about-canada-revenue-agency-cra/suspected-tax-cheating-in-canada-how-report.html

#217 W. Bilinsky on 06.02.20 at 5:26 am

Re comment by David Wq23. “Question is, where will ppl vacate to, tents? People still need to live somewhere.”

Indeed! That is the main thing I’ve been wondering about since this whole Corona 19 nonsense started. No one seems to be able to look down the road even 4 months. All they know is they have $2,000 (supposedly buck shee) and Life Is Good.

I guess that, soon enough, the carpetbaggers will move in, buy all those houses for a few bucks, put various sacred cow groups into them as renters, and the rest of us – well, too bad. There’s some really nice tents available at Mountain Equipment Coop.

https://www.mec.ca/en/products/camping-and-hiking/camping-tents-tarps-and-bivies/tents/c/1449?text_redirected=tents&org_text=tents

#218 Howard on 06.02.20 at 5:49 am

CRA opens snitch line to report CERB fraudsters:

https://nationalpost.com/news/politics/canada-revenue-agency-opens-up-snitch-line-to-information-about-federal-covid-19-aid-program-fraud?video_autoplay=true

#219 SOMETHINGS UP!! on 06.02.20 at 6:12 am

I HATE TO SEE ALL MY PREVIOUS PREDICTIONS MENTIONED ON THIS BLOG COME TO FRUITION

So many people having their lives turned upside down is an ugly scene.

Maybe I hold a crystal ball no one else does.

The next time Something Ups….. Pay Attention.

Remember That!!

#220 Bytor the Snow Dog on 06.02.20 at 6:42 am

#183 T on 06.01.20 at 9:27 pm sez:

“Sorry, who was talking to you and what value did you add with this message?”
——————————————
You’re typing in an open forum you nitwit so any comment is open to comment from anyone.

As for the value of my comment I believe it was right on the mark.

#221 Wrk.dover on 06.02.20 at 6:51 am

There is the air of a cock fight apparent in the new culture of bickering on this site these days.

Beautiful morning in Canada’s Ocean Playground though!

#222 Herb on 06.02.20 at 7:15 am

#199 Surreal,

yes, she will be entered as a Covid-19 death. An autopsy is not required. All it takes is a physician eyeballing the circumstances – age, nursing home, pneumonia – and she will be carried as Covid:

” the provider’s documentation that the individual has COVID-19 is sufficient.” https://www.cdc.gov/nchs/data/icd/COVID-19-guidelines-final.pdf

And from such soft facts are developed the statistics that keep us cowed and compliant
– and the dying separated from their loved ones. Sorry, Surreal.

#223 Jager on 06.02.20 at 7:16 am

DELETED.

#224 TurnerNation on 06.02.20 at 7:22 am

The riots will end once the NHL resumes play in a few months. The current coverage is a nice distraction while the New System gets rolled out. These things take time you know.
We need 24/7 TV footage for the news cycle. Virus was all milked out. So they are making it up for us. Who would watch blank TVs? How would they then control us?

#225 IHCTD9 on 06.02.20 at 7:28 am

#206 Nonplused on 06.01.20 at 11:31 pm
My mind keeps ruminating on how this is all going to go down. An analogy came to mind (for whatever good those are). Imagine a farmer has the grain in the bin and then a tornado comes through and smashes the bin and destroys the crop and also takes out the barn. He has no insurance. This is the situation we find ourselves in.

The government is trying to act like they have the insurance and thus have your backs, but they have no money so that can’t work long term. All they have is cash. Cash is not money. Cash is a unit of exchange, not a store of value.
—- –

The most likely option is they plan on kicking the can down the road as long as rates are dirt cheap. Proactively carving the cost of this Liberal abomination out of us is political suicide in Canada.

They will keep picking away with new fees and taxes until they get enough to service the debt, and then leave the hard work for some poor future politician.

Look at Wynne. She was the one who finally had to face the music in Ontario over hydro costs. Some Ontarians we’re paying 500.00 per month, and it was election time.

Did she deal with the actual root problem? Nope. She created a public Corporation to borrow money and subsidize rates for 5 years. ie kicking the can down the road.

#226 BrianT on 06.02.20 at 7:30 am

#198Herb-the leftists feel that logic itself is a product of white male patriarchy and thus reject logic-presenting facts never works with these idiots. If the lockdown saves even one life it is worth it-think of the children. Don’t you care? You probably support Orange Man.

#227 Gravy Train on 06.02.20 at 7:45 am

#206 Nonplused on 06.01.20 at 11:31 pm
“[…] Cash is not money. Cash is a unit of exchange, not a store of value.” If you really feel cash is not money and not a store of value, then send me all of yours, via Garth. I’m trusting you, Garth, to pass his cash along to me! :)

#228 Do we have all the facts on 06.02.20 at 7:46 am

#198 Herb

When the World Health Organization decided that Covid 19 was substantially different than other Corona viruses they amended the International Classification of Diseases 10 to include UO7.1 Covid 19.

Following introduction of this distinct classification the WHO instructed health authorities around the world to apply UO7.1 as the primary cause of death if a laboratory test confirmed mere presence of the Covid 19 virus.

This decision by the WHO meant that thousands of deaths that would have been recorded under another ICD code prior to February 2020 were to be coded under UO7.1 solely on the grounds that the Covid 19 virus was detected in a laboratory test. Other serious health issues that were identified were to be listed on the death certificates as contributing factors.

Equivocation by the WHO resulted in a global lockdown that crippled economies around the world. Surely it is time for a more accurate evaluation of the impact of Covid 19 on mortality rates so that the general population can get on with our lives.

#229 East Coast Life Style on 06.02.20 at 7:52 am

#5 Ponzius Pilatus

Actually, Antifa has become notorious for shouting down their opponents on university campuses, which is precisely what the NSDAP did in the early years of their formation. They are taking a page directly out of the National Socialist play book. Ask Andy Ngo how he feels about them.

https://www.youtube.com/watch?v=cI2EHMy1lgs

https://www.youtube.com/watch?v=PS_XL1tBnWw

The two links I provided are in depth views of what Antifa actually is. i suggest you look a little harder than a BBC article for your view point.

#230 IHCTD9 on 06.02.20 at 7:57 am

#157 Howard on 06.01.20 at 8:05 pm
#126 Ed McNeil on 06.01.20 at 6:50 pm
Several contributors mentioned the possible influx of Hong Kong citizens with Canadian citizenship. These folks have legal rights of return, but such an influx of people could’ be devastating to our society considering the current state of affairs in Canada.

———————————

Do you know how big of an income hit they’d have to endure moving to a 3rd world branch plant economy like Canada? Yes some of these people are independently wealthy but not all. Some will actually have to get jobs in Canada.

Let’s see how many want to move after looking at average Canadian wages, and after subsequently picking themselves off the floor in hysterical laughter.
——-

Especially in Van, where wages are even lower than Canadian averages, but a rotted dump shack is 1 Mil.

They’ll come here, and immediately start working on getting Citizenship in the US. Same thing that goes on in the GTA.

#231 Wayne Feeney on 06.02.20 at 8:03 am

https://theprovince.com/business/local-business/real-estate/36-million-of-luxury-condos-in-mont-tremblant-were-sold-over-two-days-in-may/wcm/6edd15ed-c2cd-43aa-8f75-b4da847615af
Mont Tremblant realtors having a feast, Garth.

It’s a pre-con, online offering and a paid article. Let’s see how many close in a couple of years before getting excited. – Garth

#232 Dharma Bum on 06.02.20 at 8:27 am

There will be more forced sales in the months ahead. More households in distress after pushing their problems into the future. More listings. More condos vacated. More defaults and foreclosures. – Garth
——————————————————————–

Send lawyers, guns and money…the sh*t has hit the fan!

https://www.youtube.com/watch?v=lP5Xv7QqXiM

#233 crowdedelevatorfartz on 06.02.20 at 8:35 am

@#224 TurnerNation
“The riots will end once the NHL resumes play in a few months.”
+++

“I went to a riot and a hockey game broke out….”

Televised games in empty arenas in Summer?
Pffft.
When has Gary Bettman ever cared about the game of hockey?
Bettman is all about the money and tv revenues.
If they dont play a certain amount of games this “season” the NHL will lose billions in tv contract obligations.

Watching those out of shape , rusty players wheeze around in an empty ice rink literally is an “embarrassment of riches”.

And gee, maybe the Canucks will finally get their names on the cup.
2020: It will be remembered as the Year the Cup was Stolen.

#234 Sky on 06.02.20 at 8:44 am

# 125 Attrition & TurnerNation

Great post, Attrition. I see progressives as mosquitoes. The constant buzzing is annoying but if their numbers are few, a good swat takes care of the problem.

They love to swarm, though. And when they dominate forums via bullying and censorship, then the forum devolves into a prison camp where the progs fight over scraps and who gets to be commandant for the day. And by scraps I don’t mean ideas, I mean the minutiae which they like to pawn off as deep thoughts.

The leftist forums are always B-O-R-I-N-G. That’s why they feed off the rest of us. Until they kill their hosts.

And have you ever noticed how many of them fancy themselves as psychoanalysts? The Jungs and Freuds of the internet who know you better than you know yourself. And who always know what you REALLY meant to say.

I’m glad you posted. It’s been bothering me the way they’ve been going after TurnerNation lately. Never directly or with counter arguments. But with a cowardly Antifa style punch to the back of the head.

Or they go crying to papa Garth as if he’s Jack Dorsey who’ll deliver them the twitter bluebird of happiness – censorship and a safe space. They love getting people censored. Makes them feel powerful.

TN has been on this forum for many years. From back in the day with flirty Beach Girl and Herb with his crush on her. When the tar sands were booming and misogyny was the bugaboo.

In all those years he’s never been rude or confrontational. A loyal steady Eddy who takes the time to do some research and post information.

This information obviously threatens the hell out of you progressives. I’ll leave it to you to figure out why. Drink your own koolaid for a change with some much needed SELF analysis. After all, you are the experts.

We still have our great, big, wonderful www at our disposal. For now. This could all change. Because we really are in perilous times now. So stop using the web only to play in and bring us back some information we can use. Go fetch!

#235 Q2 DUPLEX DRIVE on 06.02.20 at 8:48 am

‘More calls for bail-outs, hand-outs, deferrals, extensions, reprieves and forgiveness as the sins, greed, avarice, speculation and property lust of the last few years find their inevitable harvest.’

I rent, zero debts and money in the bank – as you advised many years ago. The coming RE debacle should prove interesting.

#236 Ferry Boy on 06.02.20 at 8:52 am

Re the Realtor … as a (late) neighbour of mine used to say… realtors make hookers and tow truck drivers look good

#237 MF on 06.02.20 at 8:56 am

3 Ed McNeil on 06.01.20 at 7:56 pm

Those Hong Kong’ers will be more than fine when they return, and will be a huge benefit to Canada.

They are majority professionals or young families, speak the language, and usually already have connections here.

It’s actually a good thing.

MF

#238 Herb on 06.02.20 at 9:13 am

#226 BrianT,

for chrissake, get off the left-right fake news! As Garth will gladly tell you, I’m as far left as one can get without carrying a party card.

There is a reason why facts and logic are being ignored by the people who can arrange such things, and it’s not because socialist brainwashing has worked.

The financial instrument “Casino” economy is being torched again to prevent “the House” going even broker than in 2008! Just look at the US Fed, other Central Banks and IMF dousing the flames with fiat currency, while the yokels are being helped by increasing their current and future debts.

#239 cramar on 06.02.20 at 9:18 am

The Congressional Business Office yesterday estimated that it could take most of the next decade to recover the U.S. economy from the pandemic shutdown.

TEN YEARS!!!

https://www.cnn.com/2020/06/02/investing/premarket-stocks-trading/index.html

#240 MF on 06.02.20 at 9:23 am

234 Sky on 06.02.20 at 8:44 am

Actually all radical views are the problem.

When you call anyone who disagrees with you a “leftist” or “progressive” you are doing the exact same thing.

I’m on some forums that tend lean right, and the same garbage happens there just in a different form. Anyone who disagrees with whatever radical view is a “liberal cuck” soyboy. It’s the 99% of people in the middle without radical views that count on these forums, and you don’t speak for them so stop acting like you do.

Btw, TN comments are nothing but conspiracy theories. They aren’t left or right leaning, they are off the grid.

MF

#241 Phylis on 06.02.20 at 9:34 am

#227 Gravy Train on 06.02.20 at 7:45 am
#206 Nonplused on 06.01.20 at 11:31 pm
“[…] Cash is not money. Cash is a unit of exchange, not a store of value.” If you really feel cash is not money and not a store of value, then send me all of yours, via Garth. I’m trusting you, Garth, to pass his cash along to me! :)

——————
Cash is a store of value, be it a leaky bucket in a hot room that empties at the rate of Stan.

#242 Honest Realtor on 06.02.20 at 9:35 am

A few have mentioned this already, let me add my perspective.

Lines are already ringing off the hook with realtors across Canada.

Calls from who, you say?

Expat and foreign citizens are now desperately seeking to escape to Canada from places like Hong Kong and elsewhere. Especially older adults seeking a safer retirement haven, but younger families too.

After a lull this spring, we are about to see a spectacular increase in property values in Canada as the surge of this impending demand takes hold.

Expect up to a 50% increase in home costs over the next couple of years, and a doubling within five.

And the federal government will be delighted to admit another 1-2 million in which will help address the expenditures on Covid.

We are a very desirable place to live for everyone in the world.

Get ready to meet lots of new, very nice neighbours, and watch your equity grow.

#243 kingston boy on 06.02.20 at 9:38 am

comments section is a bit of a dumpster fire this morning.

#244 IHCTD9 on 06.02.20 at 9:48 am

$20,000.00

That’s roughly how much free cash the Trudeau Libs will have handed out to me by years end.

$242,800.00

That’s roughly how much the Trudeau Libs will have handed out to a bro and I since 2015 come years end.

Free money falling from the sky, and a half Trillion in new Trudeau debt by 2023.

I’m damn glad I’ll be off the treadmill by the time the bill all this Liberal stupidity really becomes urgent.

#245 Sail Away on 06.02.20 at 9:50 am

#209 Flail Away on 06.02.20 at 12:22 am

—————–

#147 Sail Away “This place is too much fun. It’s my Disneyland.”

—————–

Maybe you need:

1. To get out more
2. A more productive hobby because you have too much idle time
3, To visit Disneyland so you have a better understanding of fun
4. To step away from the keyboard and take a deep breath

You sound like a fun guy (insert eye roll here).

—————–

Hey, good to see you! Let’s take this next ride together. Here, the seat next to me is open.

Look over there. Is that T? Yep, looks like. Yelling something about that kid cutting in line. So dramatic. Remember she demanded to see the manager of the hot dog stand? Haha.

#246 YVR Expat on 06.02.20 at 9:51 am

More businesses are closing, college kids aren’t working, unemployment is rising. What happens when we approach 30% unemployment (that’s Great Depression level)? How many years to get us back to normal – 10 years? Major pain in coming, no one in the government wants to admit it, Trudeau has his head in the sand. The private sector is being forced to change at the speed of light, why isn’t government changing?

#247 Orange Man....Orange on 06.02.20 at 9:58 am

CNN anchors report that the protests are “peaceful” while at the same time showing pictures of their reporters in the field framed by burning buildings, riots, looting and general mayhem.

Classic definition of cognitive dissonance. They can’t get their brains wrapped around what’s going on so they invent a narrative that ignores it.

Sad. So sad.

#248 DownToFinance on 06.02.20 at 9:58 am

I don’t think I have a small enough violin for this realtor.

#249 Flop... on 06.02.20 at 10:02 am

43 pm
#181 Flop… on 06.01.20 at 9:12 pm
For those on the Westcoast that want a different perspective on what’s happening in the states, with live helicopter shots, may I recommend KTLA.

They try to stay away from the political axe grinding and just show what’s going on.

Forget about high-end looting.

They are looting Dollar Stores.

Channel 65…

M45BC

———————-

Dollar stores have food. And Rolex’s have serial numbers, and every sale is traced. A fancy watch you can’t sell is of not much more use than the cheap watch you already have, whereas food might be important. Also not on the looter’s list, Apple products (all traced), Teslas, etc. They are stealing stuff for personal consumption. And then burning the store to cover their tracks.

//////////////////

Family Dollar Store got looted.

Maybe they were trying to grab toothpaste and hair gel, so they look great in their mug-shots…

M45BC

#250 Sail Away on 06.02.20 at 10:02 am

#240 MF on 06.02.20 at 9:23 am

Actually all radical views are the problem.

When you call anyone who disagrees with you a “leftist” or “progressive” you are doing the exact same thing.

It’s the 99% of people in the middle without radical views that count on these forums….

—————-

Correct, a good, well-balanced, grounded centrist view is important. I endeavour to respectfully walk the middle ground, though occasionally lean slightly left or right, depending on the topic at hand.

As an example: Trump

Generally a good guy doing a fine job. Sometimes says or tweets things for comic effect that cause wild, frothing fury in his detractors.

#251 IHCTD9 on 06.02.20 at 10:13 am

#234 Sky on 06.02.20 at 8:44 am

They love to swarm, though. And when they dominate forums via bullying and censorship, then the forum devolves into a prison camp where the progs fight over scraps and who gets to be commandant for the day. And by scraps I don’t mean ideas, I mean the minutiae which they like to pawn off as deep thoughts.
— –

Heh, years ago a few guys off a car forum registered on rabble.ca to have a little fun. One of the guys registered as Ronald Regan – banned right off the bat! Didn’t even get a chance to post lol! No dissenting opinion allowed.

I wouldn’t get too worked up about the hard left progressive extremist types, they are doomed to slit their own throats.

Just look at the 3rd wave feminists getting a dose of their own medicine from the trans activists. Losing their jobs, getting deplatformed, and banned from public venues.

Eventually another victim group will come along and start slicing all the trans activists into bacon strips as well.

The minute you have an angry victim group that cannot tolerate dissenting opinion, you have a group slated for extinction.

Just sit back with some popcorn and enjoy the show :).

#252 CanadIain on 06.02.20 at 10:15 am

Justin, the PM who literally wore blackface on multiple occasions, is now lecturing us on racism. You can’t make it up!

#253 BrianT on 06.02.20 at 10:24 am

#238Herb-Yes what you have described is happening as we all can see-yes we agree that the Scamdemic, the Climate Scam, this constant push to impoverish western countries is full speed ahead. OK-so you are a thinking leftist-congrats.

#254 Bigmac on 06.02.20 at 10:26 am

House lust should be the 8th deadly sin

#255 not 1st on 06.02.20 at 10:27 am

The left and the MSM infuriate me to no end. I can see right through their daily BS and hit pieces and partisan opinion pieces.

Justin spends 60+ days under the bed and not a peep. Trump spends one night in his situation room and the media goes bananas. Its pathetic.

My browser has CNN, MSNBC, CBC, CTV, Global all blocked. I will not engage in any news story from them. And I wont have any cable package in my house so long as they are bundled with it.

This needs to be utterly destroyed along with globalization and our insidious trade relations with China.

#256 crowdedelevatorfartz on 06.02.20 at 10:29 am

My God.
Trump speaking is like gasoline on a fire to the rioters

#257 no blog for old men on 06.02.20 at 10:29 am

@#251 IHCTD9 on 06.02.20 at 10:13 am
#234 Sky on 06.02.20 at 8:44 am

They love to swarm, though. And when they dominate forums via bullying and censorship, then the forum devolves into a prison camp where the progs fight over scraps and who gets to be commandant for the day. And by scraps I don’t mean ideas, I mean the minutiae which they like to pawn off as deep thoughts.
— –

Heh, years ago a few guys off a car forum registered on rabble.ca to have a little fun. One of the guys registered as Ronald Regan – banned right off the bat! Didn’t even get a chance to post lol! No dissenting opinion allowed.

I wouldn’t get too worked up about the hard left progressive extremist types, they are doomed to slit their own throats.

Just look at the 3rd wave feminists getting a dose of their own medicine from the trans activists. Losing their jobs, getting deplatformed, and banned from public venues.

Eventually another victim group will come along and start slicing all the trans activists into bacon strips as well.

The minute you have an angry victim group that cannot tolerate dissenting opinion, you have a group slated for extinction.

Just sit back with some popcorn and enjoy the show :).
———————————————

True enough.
I always have a good laugh at the ‘CNN/FOX’ is the worst crowd. The right and the left on here always cryin’ about something.

#258 Sail Away on 06.02.20 at 10:30 am

The pup discovered toilet paper this morning and happily unrolled the full roll. So fun!

I’ve prudently bagged it in preparation for the next emergency. This, along with the single-sheet cardboard applicator helpfully invented by another blogdog, and the lightly-used, rinsed, and sun-dried sheets are safely vacuum-packed awaiting the apocalypse. Money in the bank, baby!

#259 unbalanced on 06.02.20 at 10:34 am

Everyone is talking about cancellation insurance. Guess what? It doesn’t work. My daughter purchased insurance through CAA and paid with her PC Master Card. Air Canada says it will give her a 2 year voucher. NO REFUND !!!! Prices go up in September. Costs her more to fly. Get your facts straight.

#260 Sail Away on 06.02.20 at 10:43 am

#203 T on 06.01.20 at 11:05 pm

….If you’re using a missing ‘o’ as somehow an example of less intelligence, on an anonymous blog, then you really are a troll with far too much time on your hands.

—————-

Actually, that should be “fewer intelligences”.

I’m here to help.

#261 T on 06.02.20 at 10:45 am

#187 Attrition on 06.01.20 at 9:52 pm

#158 T on 06.01.20 at 8:09 pm
It’s okay because it’s not just a meme against Caucasian women. It’s a meme on all ignorant and entitled, Karen.

Huh.

From the article:

“…the stereotype of a middle-aged, middle class white woman who, to use Sun’s words, acts like she “can get whatever she wants.””

You gotta read stuff, son.

——————

You need to find better sources than CNN and the Sun. Or, perhaps, some actual experience.

https://en.wikipedia.org/wiki/Karen_(slang)

‘Karen is a pejorative term for a person perceived to be entitled or demanding beyond the scope of what is considered appropriate or necessary.’

There has been some use of Karen for ‘racist middle aged women’ lately. But that’s not what Karen has meant for years, and not what most intelligent people believe it to mean now.

#262 Sky on 06.02.20 at 10:56 am

@ MF

Triggered. What makes you think I’m from the right? You know very little about any of my political views. FYI – I happen to be a political atheist.

If you can’t see that the politicians from both the left and right have been working together, hand in glove, for decades, then I can’t help you. Crumbling infrastructure for the people who they supposedly care about. And ever more perks for themselves. As they move in lockstep to implement increasingly totalitarian measures and to destroy the western economies.

It’s the SJWs and the cultural leftists I can’t stand. Calling someone a “liberal cuck” soyboy, as you put it, is along the same lines as calling someone else a redneck. You’re just exchanging insults. This is completely different from calling somebody a “conspiracy theorist”.

“Conspiracy theorist” is a weaponized term. Meant to lazily discredit somebody’s views without having to bother to argue against them. And to infer a sense of superiority.

Approving of censorship will get you more of something we can all relate to – lockdown and boredom. But you’ll get it in spades. Censorship always precedes tyranny.

You only need look at the heavily censored societies to understand what’s in store for us. ie: The Kim’s in North Korea where Jong Il kidnapped the Japanese film makers, and his son, Jong Un, who parties with Dennis Rodman. Madame Mao read western literature and dressed herself in Parisian haute couture. Why did they do this?

Because they were freaking bored to death with their own bleak and oppressed countries and had to steal or import some damn creativity. That’s why.

Censorship kills creativity. Always! And leftist PC culture is already suffocatingly boring. Just wait till they really turn up the heat.

#263 not 1st on 06.02.20 at 10:57 am

DELETED

#264 RyYYZ on 06.02.20 at 11:16 am

#208 John on 06.02.20 at 12:19 am
If these greedy people are bailed out, they will never learn their lesson.
===================================
Sorry, but expecting people to learn hard lessons from the consequences of their own stupidity is now out of fashion in Canada. I don’t even know what to call this new state of affairs we’ve reached. Peak stupid? Terminal idiocy?

#265 T on 06.02.20 at 11:26 am

#220 Bytor the Snow Dog on 06.02.20 at 6:42 am
#183 T on 06.01.20 at 9:27 pm sez:

“Sorry, who was talking to you and what value did you add with this message?”
——————————————
You’re typing in an open forum you nitwit so any comment is open to comment from anyone.

As for the value of my comment I believe it was right on the mark.

—————

While I agree with you regarding Trudeau, there was no need to attempt to deflect from Trump. Trump is a complete and utter failure in every aspect of his presidency.

So – while you believe you added value, you did not. When interjecting, perhaps try to stay focused on the actual conversation at hand.

#266 T on 06.02.20 at 11:31 am

#260 Sail Away on 06.02.20 at 10:43 am
#203 T on 06.01.20 at 11:05 pm

….If you’re using a missing ‘o’ as somehow an example of less intelligence, on an anonymous blog, then you really are a troll with far too much time on your hands.

—————-

Actually, that should be “fewer intelligences”.

I’m here to help.

—————

Now you are just reaching. What a sad display you are putting on.

#267 T on 06.02.20 at 11:36 am

#247 Orange Man….Orange on 06.02.20 at 9:58 am
CNN anchors report that the protests are “peaceful” while at the same time showing pictures of their reporters in the field framed by burning buildings, riots, looting and general mayhem.

Classic definition of cognitive dissonance. They can’t get their brains wrapped around what’s going on so they invent a narrative that ignores it.

Sad. So sad.

—————

Many of the ongoing protests are peaceful.

Though the coverage of the peaceful protests has been rather poor as they aren’t good for ratings.

#268 LP on 06.02.20 at 11:51 am

#260 Sail Away on 06.02.20 at 10:43 am

—————-

Actually, that should be “fewer intelligences”.

I’m here to help.

************************

Actually, shouldn’t that be fewer intellects?

#269 YVR Expat on 06.02.20 at 12:00 pm

Watch the price of oil (the lifeblood of the economy), it’s still near dangerously low levels yet the stock market is near all time highs…. and unemployment is growing. So many contradictions. Civil unrest is growing, pandemic still spreading, the government has signed the death warrant of small business while granting mega-corporations like Amazon and Wal-Mart defacto monopolies. What the hell is the government up to?

#270 Ronaldo on 06.02.20 at 12:00 pm

#205 DON on 06.01.20 at 11:17 pm
#172 Billion Dollar Whale on 06.01.20 at 8:58 pm

Garth, if real estate detached from incomes long ago what makes you think half of all employment in Canada being abolished will affect real estate values? There is a lot of printed money looking for a home, literally. BC #1 Choice.
****************

Vancouver real estate has been slowing falling for a while now. Locals job losses and over leveraged home owners and investors. Buyers still priced out! How long does it take to pay of a $1 000 000 average house on two average salaries without yearly house value appreciation.
—————————————————————–
Well Don, at zero interest if you were able to pay $10,000 per year that would take 100 years.

$20000 per year, 50 years.

$30000 per year, 33 years.

$40000 per year, 25 years.

You see the problem?

#271 TurnerNation on 06.02.20 at 12:01 pm

#234 Sky – I don’t sweat it. As with stock trading ‘you are only as good as your last trade’.

#272 BrianT on 06.02.20 at 12:10 pm

Boy Trudeau logic: Canada is very racist. Accepting the fact that Communist China is openly the most racist country on the planet is racist-to deny reality is good as George Orwell said.

#273 Sky on 06.02.20 at 12:12 pm

@ MF

“Btw, TN comments are nothing but conspiracy theories. They aren’t left or right leaning, they are off the grid”

*******************

Off the grid, are they? Then his commentary fits in perfectly with our new “off the grid” reality – millions permanently unemployed, small businesses destroyed, a scamdemic, lockdowns, people running around in masks and social distancing, academics and media howling about millions of fake deaths from coronavirus, politicians hiding in bunkers, parliaments and courts shut down, police arresting people for opening up their own businesses too soon, no sports or gatherings, the left’s stormtroopers looting & burning in the USA, the stock market blithely indifferent to the whole mess, happy even, etc, etc.

And yet it’s TurnerNation that bothers you. Give your head a shake. What’s going on right now is absolutely of no surprise to TN. He’s been warning about this for years.

#274 Attrition on 06.02.20 at 12:12 pm

T, you’re rabid. There’s no fixing you.


#261 T on 06.02.20 at 10:45 am
You need to find better sources than CNN and the Sun. Or, perhaps, some actual experience.

You missed the point, which was: CNN (which I loathe, btw) published a piece calling out white women. Any other race, that would be unacceptable and journalistic suicide (which, as we know, CNN committed decades ago).

Now run along. I think I heard you mother calling you upstairs for a glass of milk and a pee bee n jay.

#275 Flail Away on 06.02.20 at 12:16 pm

@#245 Sure, I will share a ride with you, just no talking during the ride unless you are a roller coaster screamer, then be yourself.

And when we get to Its a Small World, spare me the Trumpian dissertation on immigration, the need for a border wall and #China.

#276 other guy in Vancouver on 06.02.20 at 12:22 pm

“Something has to happen to avoid having these deferrals escalate into foreclosure.”

Why?
The thing I fear the most is our own government doing something.

#277 Wrk.dover on 06.02.20 at 12:30 pm

Trump staggering to the church on those bone spurs, from the rear view looked like Frankenstein.

#278 T on 06.02.20 at 12:34 pm

#273 Attrition on 06.02.20 at 12:12 pm
T, you’re rabid. There’s no fixing you.

#261 T on 06.02.20 at 10:45 am
You need to find better sources than CNN and the Sun. Or, perhaps, some actual experience.

You missed the point, which was: CNN (which I loathe, btw) published a piece calling out white women. Any other race, that would be unacceptable and journalistic suicide (which, as we know, CNN committed decades ago).

Now run along. I think I heard you mother calling you upstairs for a glass of milk and a pee bee n jay.

—————

I provided hard evidence, data and fact. You supply quotes from a media source that even you understand is trash media.

When proven wrong you move the debate towards what I can only describe as childish behaviour. Truly disappointing.

#279 JB on 06.02.20 at 12:41 pm

#232 Dharma Bum on 06.02.20 at 8:27 am

There will be more forced sales in the months ahead. More households in distress after pushing their problems into the future. More listings. More condos vacated. More defaults and foreclosures. – Garth
——————————————————————–

Send lawyers, guns and money…the sh*t has hit the fan!

https://www.youtube.com/watch?v=lP5Xv7QqXiM
______________________________________
Condos are expensive to maintain when your strata is divided up by less and less owners as they fall by the wayside. Then comes the declining service and maintenance. At least with a home when you need to paint you paint at your own leisure and when you can afford it. The moister boomers are going to go through their savings quickly. Hmmm “cat food”……………..

Anyone hear from Smoking Man out there lately?

#280 Attrition on 06.02.20 at 12:41 pm


#166 Bytor the Snow Dog on 06.01.20 at 8:34 pm

Beautiful post. Just beautiful.

Thank you, sir Dog. I might be getting the hang of this interweb thing after all.


#195 crowdedelevatorfartz on 06.01.20 at 10:19 pm

@#125 Attrition
“Enemies of free speech are like parasitic tumors–they need to be quickly identified, lanced, expunged, removed, popped, drained, burned and forced into an elevator with fartzylest they kill the host.”
++++
While I totally agree with what you say.
You forgot one other option.

The blissful non political silence of a smelly crowded elevator ride.

^ Correct, and corrected, above.


#200 DON on 06.01.20 at 10:50 pm

…Yes there are anti free speech trolls that briefly visit this site but by the time they run the gauntlet of blog dogs they take a hike.

Good point. This blog has outlived ’em all. One could say it’s thriving.


#215 Faron on 06.02.20 at 1:34 am

#125 Attrition on 06.01.20 at 6:47 pm

Can you please disclose for us what invisible leftist force is keeping you from typing and submitting a post here?

None are – did I give you the wrong idea? I have a fairly respectable posting cadence…


And can you further outline why it is that when the ratio of right wing wind bags to left wing wind bags gets down to 3:1 people like you start to complain and ask for us to be silenced somehow in the name of free speech?

Where did I ask for any to be silenced? I merely pointed out that anyone who calls for others to be banned or booted should stop being little free speech smothering beatches because we ain’t having it.

And it’s not right wing to stand up for free speech, or at least it shouldn’t be. Seems like it’s turning out that way tho.

Don’t waste your time composing complaints about the political make up of the internet. Use it formulate your arguments. Us leftist moths are drawn to your luminous garbage fire. At least make the smoke potent enough to make us pause and consider.

Well said. But why should anyone need to formulate an argument in favour of free speech? We should know enough to know better by now. It’s should be the default.

Rabid lefties wouldn’t exist without it, and now they want to take it away (maybe not you personally, but in a broad and plainly obvious sense to anyone with eyes).

This the silent majority despises.


#234 Sky on 06.02.20 at 8:44 am

# 125 Attrition & TurnerNation

I see progressives as mosquitoes. The constant buzzing is annoying but if their numbers are few, a good swat takes care of the problem. They love to swarm, though. And when they dominate forums via bullying and censorship, then the forum devolves into a prison camp where the progs fight over scraps and who gets to be commandant for the day. And by scraps I don’t mean ideas, I mean the minutiae which they like to pawn off as deep thoughts.

Epic post. Ya we better use both the interweb and free speech while we can. I fear the hour is later than we know.

#281 paulo on 06.02.20 at 12:47 pm

For those hoping that plane loads of folks from Hong Kong
will save the great Canadian RealEstate ” Ponzi game”
keep dreaming…. most have family ties to mainland china and the party has made it clear that investments in Canada would be frowned upon ……. read between the lines this from a couple of very good Chinese friends in the know.

#282 calgary rip off on 06.02.20 at 12:49 pm

Tired of hearing “we are all in this together”. Nope. If someone cant eat or afford food or housing people dont care.

This is the internet age where everything is thumbs up and if a person doesnt like something they act like it doesnt exist. Totally schizoid. This is very prevalent among teens and twenty somethings. Bunch of crazies. And generation Z is the entitlement generation.

As far as the social isolation goes creating anxiety, do people need their hands held? I think most of this is for women. Typically guys do everything themselves and if they act out they get punched or if they act emotional they are laughed at by men AND women.

Not my problem that some idiots in Wuhan decided to research viruses and now the virus is creating havoc everywhere because the general public for the most part are animals.

In the meantime I will have compassion on those who have manners and believe in freedom of speech and equality. Everyone else with their judgement of others how they look, what their house looks like, what they do, need to get a life. Ive stopped reading comments on Youtube. Not worth my time. I read Scriptures instead.

#283 MF on 06.02.20 at 12:49 pm

62 Sky on 06.02.20 at 10:56 am

Triggered?

My post was a plea for sanity. Nothing more. Everything you wrote of reeks of someone who spends too much time on social media and the internet.

Yeah yeah power struggles. Yeah yeah politicians. People have been saying that forever, and yet some still succeed. Why? Because they dont complain and blame others, like some fictitious invisible “elites” meeting in dark rooms, they work hard and make due with what they’ve got.

Extreme paranoia, cynicism, fear, are all signs of mental illness.

MF

#284 BrianT on 06.02.20 at 1:17 pm

DELETED

#285 jess on 06.02.20 at 1:36 pm

best efforts and yet…

HAMILTON—Seven migrant farm workers are in hospital — three in intensive care — as 164 workers at a Norfolk County farm have now tested positive for COVID-19.

…a large-scale farming and produce transport operation employs 207 migrant workers from Mexico.

http://www.migrantworkerhealth.ca/HealthcareGeneral.html

With so many workers in self-isolation, Scotlynn’s asparagus crop is in jeopardy. The company has put out a call for groups of five workers to harvest the crop, hoping an inflated wage of $25 per hour will attract locals to do the work.
https://www.thestar.com/news/gta/2020/06/02/covid-19-outbreak-on-norfolk-farm-worsens-as-164-workers-test-positive.html

#286 willworkforpickles on 06.02.20 at 1:54 pm

There are a 101 reasons why emigration/returns to Canada from Hong Kong will be little more than gradual and even minimal at best.
After the UK Australia and New Zealand, Canada Ranks 4th as a target destination for the upwardly mobile of HK’ers.
Aside from the obvious reasons to emigrate elsewhere, HK residents aren’t being driven out or have to flee or lose their freedom to exit the country. They will be free to leave anytime they wish with the proper passports as before.
As for HK’ers gobbling up Toronto and Vancouver Real Estate en-masse…this is the collective hysteria of over-maxed indebted property owners unable to face the grim truth and those in denial who want to go on believing they are richer than they think.
Truth be told…massive unemployment and dropping RE values go hand in hand (not to mention a boatload of other factors complicit)
A mass influx isn’t likely yet…That would/will come with the bargain seekers en-masse when the banks have thousands of defaulted properties to unload ten cents on the dollar or somewhere thereabouts.

#287 Lost...but not leased on 06.02.20 at 1:55 pm

#199 Surreal on 06.01.20 at 10:46 pm
Went to the hospital today to visit my mother-in-law. Only allowed because the doctors don’t think she has much time. They made us put on gowns, masks, face shields, and gloves, along with lots of hand sanitizer. Staff there to assist with every step. Even though there has been no mention that my mother-in-law might have covid, it really felt like they were protecting us more so than her. Seriously we were dressed up as if we were going into a lab.

She is 84 and has been in deteriorating condition for some time, so it is not completely surprising. She is 84, was a lifetime smoker, has cancer just about everywhere, and now pneumonia. She fell and broke her hip a few years back and for me that is usually a sign the end is within a few years, so we are right on schedule. But it is so sad to see. She is just a wafer of herself of just 3 months ago. I have a feeling that she will be in heaven within a day or two. Might get the news tomorrow morning. They (the nurses) are telling other relatives who want to visit to “hurry up”.

=================

COMMENT:

Very sorry to hear this and my condolences. I lost both my parents within 2 1/2 years. Thankfully, a few years back before this COVID 19 scam.

My experience with my Father….he ended up in Hospice…was dead within 9 hours of admission..they had dosed him up with morphine 10 minutes before I visited.

I have been following the horror stories re LTC homes.

You mentioned she fell(that is so classic a sign of the downfall) and pneumonia. Pneumonia is what they call ” the old mans friend.”…it effectively puts the elderly to sleep.

However, many of us with experience are concerned the elderly are being “Death Paneled”, they are very vulnerable and being placed into very compromising situations that hasten their demise.

IN NYC…Gov. Cuomo insisted recovering COVID 19 patients be placed in LTC homes to free up hospital beds…AND every patient admitted have 3 body bags accompany them. In other words…this “mild flu” everyone is scared of is very bad for vulnerable seniors.

Yes…..seniors are being used for COVID 19 stats.

I am surprised the hospital has allowed you to visit,but my advice is take advantage of it while you can.

All the best.

PS Do you mind saying what city/province this is occurring?

#288 Sail away on 06.02.20 at 2:09 pm

#280 Attrition on 06.02.20 at 12:41 pm

Excellent post, sir. Well done!

I don’t identify with any political ideology, since most have some reasonable ideas and some totally whack-a-doodle. To accept a label means accepting the whacky stuff.

Right: Economy and self-reliance? You bet. Religion and war? Forget it.

Left: Equal rights and tolerance? You bet. Socialist programs and higher taxes? Nope.

The difference I see is that when I disagree with a typically ‘rightist’ view such as religion, the response is: ‘hmmm, well, we might just have to agree to disagree’

When I disagree with a typically ‘leftist’ view such as that Trump is the devil incarnate, the response often degenerates into name-calling, accusations of racism and being a ‘fanboy’.

Then, of course, with such an alluring treasure trove of indignation, I take great joy in further enraging it. Ragers always eventually trip up because they are coming from a place of deep emotion and not necessarily logic.

Faron’s pretty good, though. It’s been fun.

#289 Lorne on 06.02.20 at 2:25 pm

#282 calgary rip off on 06.02.20 at 12:49 pm
Tired of hearing “we are all in this together”.

Not my problem that some idiots in Wuhan decided to research viruses and now the virus is creating havoc everywhere because the general public for the most part are animals.
………
How fast this spreads even with fairly stringent measures. Fishman….beware!

https://www.seattletimes.com/seattle-news/american-seafoods-factory-trawler-returns-to-seattle-after-85-crew-members-test-positive-for-covid-19/

#290 BillyBob on 06.02.20 at 2:29 pm

Today’s blog post makes me happy.

#291 not 1st on 06.02.20 at 2:49 pm

DELETED

#292 TheDood on 06.02.20 at 2:53 pm

#242 Honest Realtor on 06.02.20 at 9:35 am
A few have mentioned this already, let me add my perspective.

Lines are already ringing off the hook with realtors across Canada.

Calls from who, you say?

Expat and foreign citizens are now desperately seeking to escape to Canada from places like Hong Kong and elsewhere. Especially older adults seeking a safer retirement haven, but younger families too.

After a lull this spring, we are about to see a spectacular increase in property values in Canada as the surge of this impending demand takes hold.

Expect up to a 50% increase in home costs over the next couple of years, and a doubling within five.

And the federal government will be delighted to admit another 1-2 million in which will help address the expenditures on Covid.

We are a very desirable place to live for everyone in the world.

Get ready to meet lots of new, very nice neighbours, and watch your equity grow.
__________________________________

The phones are ringing off the hook? Yeah OK.

And these poor souls are desperately seeking to escape what? Let me guess – a tax free lifestyle in a warm and sunny climate maybe? Back to a frozen, overtaxed, overpriced haven like Canada right?

#293 Gravy Train on 06.02.20 at 3:01 pm

#255 not 1st on 06.02.20 at 10:27 am
“[…] My browser has CNN, MSNBC, CBC, CTV, Global all blocked. I will not engage in any news story from them. And I wont have any cable package in my house so long as they are bundled with it.[…]” Tell me this: Where DO you get your indoctrination? :P

#294 Svitlana on 06.02.20 at 3:09 pm

DELETED

#295 Gravy Train on 06.02.20 at 3:17 pm

#148 not 1st on 06.01.20 at 7:48 pm
DELETED

#263 not 1st on 06.02.20 at 10:57 am
DELETED

#291 not 1st on 06.02.20 at 2:49 pm
DELETED

Ooh. Three strikes, and you’re out, buddy boy! :P

#296 James on 06.02.20 at 3:24 pm

#293 Gravy Train on 06.02.20 at 3:01 pm

#255 not 1st on 06.02.20 at 10:27 am
“[…] My browser has CNN, MSNBC, CBC, CTV, Global all blocked. I will not engage in any news story from them. And I wont have any cable package in my house so long as they are bundled with it.[…]

” Tell me this: Where DO you get your indoctrination? :P
__________________________________________
He probably has a direct account with CCTV or the Moscow Times.
Yes sure I would believe those guys, sure, sure.

#297 TurnerNation on 06.02.20 at 3:24 pm

289 Lorne not it only spreads in food-related companies.
Weed and liquor plants never will be affected.
Bank on it.

#298 akashic record on 06.02.20 at 3:25 pm

I am just worried about the portfolio.

#299 James on 06.02.20 at 3:34 pm

#150 Howard on 06.01.20 at 7:51 pm

Bachelor condo in Yorkville.
Originally listed for $499K. No takers.
Reduced to $399K hoping for a bidding war. No takers.
Price just changed to…$539K.

https://www.bungol.ca/map/43.670459&-79.392464&16?listing=155-yorkville-avenue-toronto-c4768747-4118485
___________________________________________
There is a tsunami of low end bachelors to low end 900 square footers coming soon if not already. Try putting a family into one of these tight little boxes. Hell two people in 900 sq foot will eventually kill each other. These small places are meant for first timers. Nobody really wants to live in one of these places long term. They are simply stepping stones.

#300 Paphada on 06.02.20 at 5:30 pm

We made a prepayment of $40,000 towards our TD mortgage in November. A few months back we asked TD if we could make % only payments for a while until we had a better sense of how tourism would fare. They had no mechanism in their system to allow us to do this so we took the deferral but have been making monthly % prepayments so we’re not paying % on top of %. Yesterday after 2.5 hours on the phone TD advised we could not prepay the % while a deferral was in place so they canceled the deferral, took the payment, then reinstated the deferral. We have since learned, however, that as of June 30 TD will no longer allow new deferrals. We thought the bank would have been happy to take % only payments during the deferral but seemingly not.

#301 april on 06.02.20 at 11:52 pm

#292 – Listen to Ross Kay on Howestreet.com Tuesday June 2. He talks about the “Hong Kong outflow to Canada” Not what some people are thinking … or hoping for.